Uzbekistan set to up production of jewelry
Baku, Azerbaijan, Nov.17
By Nigar Guliyeva – Trend:
Uzbekistan will increase production of jewelry by 2020 threefold - from the forecasted 589.6 kg in 2018 to more than 1.7 tons in 2020.
Under the presidential decree dated Nov.15, 2017, in the near future gold and silver products will be exported. In 2019, in particular, it is planned to export 446 kg of jewelry and in 2020 - 589.2 kg.
The association of the Uzbek industry - Uzbekzargarsanoati - has been established in the republic. The agency is tasked to develop the centuries-old traditions of jewelry art in Uzbekistan, the document says. .
It included 7 enterprises - the state research and production association "Fonon", LLC "Tashyuvelirtorg ", State Enterprise "1 Zargarlik Korhonasi", limited liability companies Safo Olmos, Global Universal Servis, Zar Gioiell, Matluba Hoji Ona.
Back in August, the president signed a decree on "Measures on the state support to the jewelry industry".
Under the decree, starting Oct.1, 2017, the production of jewelry and other precious metal products by legal entities and individual entrepreneurs is carried out under a license issued by the Agency for Precious Metals under the Central Bank of Uzbekistan.
Until January 1, 2020, commercial banks are exempted from paying value-added tax and mandatory contributions to state trust funds for the sale of precious metals.
Moreover, manufacturers of jewelry are exempt from excise tax and value added tax when selling jewelry, including for export in case the funds will be directed for the reconstruction and modernization of production, as well as for replenishment of working capital.