Uzbekistan to start treating jewelry industry seriously

Business Materials 8 May 2019 18:11 (UTC +04:00)

Baku, Azerbaijan, May 8

By Fakhri Vakilov – Trend:

On May 8, President of Uzbekistan Shavkat Mirziyoyev held a meeting on the development of the jewelry industry and the expansion of conditions for jewelry manufacturers, Trend reports referring to Uzbek media.

Until recently, this industry received little attention in Uzbekistan. Eighty percent of the equipment of jewelry enterprises was worn out and some enterprises stopped the production. Moreover, there were many restrictions on the sale of precious metals to jewelers.

The direct sale of precious metals to manufacturers through the exchange became allowed starting from March 1 of this year. The next goal is to bring the jewelry business to the level of a full-fledged industry.

At the meeting, the head of state noted the need for the effective use of raw materials, the active attraction of investments in the industry and the organization of modern production.

The high cost of gold, platinum and silver limits the ability of enterprises in the industry to form working capital. In this regard, it was instructed to review the tax burden on the jewelry industry and release imported raw materials and equipment from customs duties.

It is indicated that it is necessary to stimulate the attraction of investments of world-famous companies to state-owned jewelry enterprises, support manufacturers and provide them with preferential loans for the purchase of precious metals.

There are deposits of such precious stones as turquoise, malachite, lapis lazuli, and opal in Uzbekistan, but their industrial development has not been established.

The meeting provides guidance on the development of all areas of jewelry and organizing the extraction of the necessary precious stones for the industry.

The President emphasized the necessity to lift restrictions on the supply of jewelry products to the market and to give individual manufacturers the right to sell their products. It was also noted that domestic enterprises should stamp the products themselves and that it is necessary to simplify the procedure for exporting jewelry abroad by individuals.

Instructions have been given to establish electronic accounting for the reception and sale of jewelry at retail outlets, and prevent illegal trade of them.


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