Ukraine’s jewelry market is expanding: turnover reaches UAH 1.23 billion by 2024
According to YC.Market data, 622 incorporated entities and 855 individual entrepreneurs share the principal economic activity code 32.12 “Production of jewelry and related items.” The bulk of these businesses are located in the capital city. The income of jewelry and similar article producers increased 1.5 times in 2024 compared to 2023. Geroldmeister LLC was the revenue leader, generating UAH 342.6 million. The ownership arrangement of 71 firms involves individuals and/or incorporated entities from 25 nations. The highest proportion of firms have joint owners from Turkey, Uzbekistan, Israel, Russia, and Moldova.
Discover more in the latest YouControl research.
Ukrainian Jewelry Producers: Geography, Average Age, and Connections
In spite of the full-scale war, the jewelry and associated goods manufacturing sector is flourishing. This Ukrainian market is quite varied, featuring a significant number of small to medium-sized businesses, along with some major players.
Using YC.Market tools, YouControl experts identified 622 registered incorporated entities and 855 individual business owners in Ukraine that are not under cessation proceedings, are registered, and have the main sort of economic activity 32.12 “Creation of jewelry and similar products” as of October 2025.
The greatest quantity of individual business owners are registered in the Kharkiv (125), Kyiv (108) regions, and the capital (106). Over 32% of the incorporated entities examined are registered in Kyiv (200). A notable amount of companies are also registered in the Kharkiv (79) and Vinnytsia (51) regions.
The average age of businesses in the studied sample is 15 years. The oldest is PE “Sansi,” registered in the capital in 1991. Among the operational jewelry producers, the newest is LLC “Magnat Family,” registered in the Unified State Register of Enterprises in June 2025. The highest number of companies in the sample were registered in 2008 (38) and 2005 (35).
The mean operational duration of the evaluated individual business owners exceeds 12 years. The initial individual entrepreneurs, producers of jewelry and akin products, still functioning as of early October 2025, were registered in 1992. There has been a surge in individual business owner registrations over the recent five years. 191 individual business owners were registered from January 2021 to September 2025, and were included in the evaluated sample. More individual business owners were registered in just three quarters of this year (52) than in any other year between 1992 and 2025.
Of the researched sample, 26 incorporated entities are associated with 17 corporate clusters within the YouContol system. Certain clusters incorporate several businesses with the principal economic activity 32.12.
For instance, the “Gonta Family Group” contains two firms from the analyzed list: S.D. Design LLC and Sharm Gold LLC. Nikolai Gonta, who is probably the leader of the “Live in Prosperity” political faction, is a stakeholder in both firms. According to the online publication Bihus.Info, Mr. Gonta is also the founder of B2B Jewelry.
Jewelry, overseas capital, and the “Russian trace”
The ownership make-up of 71 companies includes individuals and/or incorporated entities from 25 nations. The most significant amount of enterprises with co-owners come from Turkey (8), Uzbekistan (8), Israel (7), Russia (7), and Moldova (5). Representatives from Azerbaijan (4), China (4), Georgia (4), and Germany (4) also engage in jewelry manufacturing within Ukraine. Only a singular company from the seven, which likely maintains direct connections with Russia, has released financial reports for 2022-2024. This is PJSC Belotserkovsky Jewelry Plant, whose stakeholder is Russian national Eduard Utkin.
Besides the direct involvement of individuals and incorporated entities from Russia, three additional companies in the analyzed sample potentially have indirect links to Russia, precisely, the involvement of their stakeholders/ultimate beneficial holders/representatives in the authorized capital of Russian incorporated entities. For example, Alexey Zaporozhchenko, head of TVF Alfa LLC, is possibly a stakeholder in the Russian company Gold Capital LLC. Details about this possible link to the aggressor nation are reflected in the “Express Analysis” of the YouControl platform.
Another seven of the examined companies were seemingly re-registered under Russian legislation. These are incorporated entities registered in the temporarily occupied territories of Crimea, Luhansk, and Donetsk Oblasts. Belarusian citizen Natalia Kabanova is a co-owner of one of the analyzed companies, Ukrspetslyuks LLC, holding a 10% stake. The stakeholders of two other analyzed companies, Goldtrading Plus LLC and Melorin LLC, are Iranian citizens.
Jewelry worth a billion
In 2024, solely 20% of the 622 analyzed incorporated entities, or 124 firms, issued financial reports. Only 101 companies revealed revenue exceeding zero. Total revenue for 2024 totaled UAH 1.23 billion. Slightly fewer incorporated entities—119—reported in 2023, with total revenue accumulating to just over UAH 770 million. In 2022, 109 firms submitted financial statements, with total revenue reaching UAH 360.2 million.
The biggest incomes in 2024 were produced by Geroldmeister LLC (UAH 342.6 million), Jewelry Enterprise No. 1 LLC (UAH 303.1 million), and Jewelry Factory No. 1 LLC (UAH 147.7 million). The earnings of all other participants in the top twenty in 2024 were substantially lower than those of the previously stated companies.
According to its authorized website, Geroldmeister LLC is a non-governmental developer and producer of awards and souvenirs in Ukraine. Anatoliy and Yevhen Shiyan are the company’s stakeholders. According to the VI.Prozorro public procurement analysis system, the company triumphed in a noteworthy amount of public procurement procedures totaling almost UAH 578 million between 2024 and October 2025.
Roman Petrenko, registered in the United Arab Emirates, is the beneficiary of Jewelry Enterprise No. 1 LLC. He is a pivotal person in the Petrenko Family Group, a corporate cluster that also includes the Pervyi pawnshop chain and Ukrzoloto Network LLC. This corporate cluster additionally includes four other companies from the examined sample: Crystal Reserve LLC, Limit Active LLC, Zolotoy Vek Private Enterprise, and MS Art Proizvodstvo LLC.
Vitaly Vall, a pivotal person in the Vall Family Group, is a stakeholder and beneficiary of Jewelry Factory No. 1 LLC. This corporate cluster also encompasses another company from the studied sample, Zlata Dana LLC.
Savana Gold, a private enterprise, entered the top five jewelry producers in 2024 with earnings of UAH 43.3 million. The company’s revenue was zero in 2022-2023. Volodymyr Sakali is a stakeholder in the company. An individual with the same name was a member of the Bakhmut City Council in the Donetsk Oblast.
Lviv Jewelry Plant JSC ranked fifth among the analyzed companies by revenue in 2024, with UAH 30 million. The company was formerly state-owned through the State Property Fund of Ukraine. An auction to sell 100% of the shares occurred in October 2022. GDC Ukraine LLC emerged victorious. On December 28, 2023, the Antimonopoly Committee granted authorization for the latter to directly acquire shares in the authorized capital of Lviv Jewelry Plant JSC, ensuring a majority of votes in the company’s highest governing body exceeding 50 percent. Pavlo Zvarych is a stakeholder and beneficiary of GDC Ukraine LLC. An individual with the same complete name was an assistant to Volodymyr Zubyk, a member of parliament of the 7th and 8th convocations. According to the online publication NLG.media, Zubyk controls the Intergal-Bud group of companies.
Another jewelry factory privatized in 2022 was Vinnytsia Crystal Plant JSC, whose revenue for 2024 was UAH 19.5 million. Its stakeholder was ARGON FOOD LLC, part of the Gamma corporate cluster. Pivotal persons in the group include Borys Seleznev and former Vinnytsia City Council member Oleksandr Tretyak.
Alfa Ember LLC, registered in the Rivne region, generated UAH 28 million in income in 2024. Oleksiy Mykhailovych Podernya is a stakeholder in this incorporated entity. Alfa Ember LLC is implicated in several criminal cases: 561/830/25, 461/8732/24, 461/10167/24, and 461/8877/24, alongside another company analyzed, Icelandway LLC. Icelandway’s revenue in 2024 reached UAH 11.3 million. Kateryna Lunina, registered in Kyiv, has been a stakeholder and ultimate beneficial holder of Icelandway LLC since September 2025. Prior to this, Sergei Mikhailovich Podernya, registered at the same address in the urban-type settlement of Vladimirets as Alexei Podernya, a participant in Alpha Amber LLC, was the participant and ultimate beneficial holder of the company.
Morion Jewelry Factory LLC, registered in Kyiv, produced revenue of 11 million UAH in 2024. Oleksandr Androshchuk is the director, participant, and ultimate beneficial holder of this company. According to the Unified State Register of Declarations, he is the spouse of Svitlana Androshchuk, who holds the position of Chief State Inspector of the Actual Inspections Department of the Tax Audit Department of the Main Directorate of the State Traffic Safety Inspectorate in Kyiv Oblast.
The revenue of Euro Trade Trading House LLC in 2024 reached UAH 12.9 million. Oleg Bogelsky, a pivotal person in the Bogelsky Brothers Group, is one of the company’s participants and beneficiaries. According to information on the authorized website of the Amber Galbin Group of Companies, “Oleg Bogelsky: Europeans, Arabs, and Chinese have voiced interest in Amber Galbin products.” Oleg Bogelsky is a co-founder of the group, which mines amber and manufactures amber jewelry. Lesya Primushko is the second beneficiary of Euro Trade Trading House LLC. An individual with the same complete name heads Galbin Invest Group LLC, part of the Rudkovsky Family Group, where former MP Mykola Rudkovsky is a pivotal person. According to information from the online publication LB.ua, Mr. Rudkovsky’s dossier indicates that he was the Minister of Transport and Communications of Ukraine in 2006-2007.
Two companies from the Sova Family Group—Sova Jewelry House LLC and Sova Jewelry House LLC—were among the top twenty jewelry producers by revenue for 2024. Oleksandr Sova, a member of parliament of the 9th convocation, is the pivotal person in this group. These companies collectively generated UAH 19.4 million in revenue in 2024.
The complete version of the study is available on the YouControl website.
