Olef Creations Inc. eyes jewelry production in Uzbekistan

Business Materials 2 July 2018 17:55 (UTC +04:00)

Baku, Azerbaijan, July 2

By Fikret Dolukhanov – Trend:

American Olef Creations Inc. plans planning to establish jewelry production in Uzbekistan, the Uzbek media reported on July 2.

The corresponding plans were discussed during the negotiations with Uzbek Deputy Prime Minister, Finance Minister Jamshid Kuchkarov.

“The parties discussed implementation of an international scheme to finance the jewelry industry based on gold leasing and agreed to attract consultative assistance from international financial institutions,” the Finance Ministry noted.

Uzbekistan was earlier planning to bring the annual output of jewelry products to over $40 million by 2020.

The country was planning to increase output of silver products 6.2 times in three years: from $112,000 in 2018 to $760,500 in 2020. At the same time, output of gold products was planned to be increased 2.4 times: from $16.4 million to $39,6 million.

Special attention will be paid to promotion of products abroad. Uzbekistan is planning to export jewelry for almost $14 million in 2020.

Main volumes of jewelry will be produced at two flagship enterprises, which will be put into operation in 2018-2019. These are jewelry factories on the basis of the Phonon and 1-Zargarlik korhonasi enterprises.

South Korean Jemco jointly with the local Asaka bank will be involved in development of the first enterprise.


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