Uzbekistan interested in Azerbaijan's jewelry industry experience

Business Materials 19 February 2020 14:32 (UTC +04:00)
Uzbekistan interested in Azerbaijan's jewelry industry experience

BAKU, Azerbaijan, Feb. 19

By Ilkin Seyfaddini – Trend:

Azerbaijan and Uzbekistan have potential for the development of cooperation in the jewelry industry, said Nodir Mirakhmedov, chairman of the Association Uzbekzargarsanoati, Trend reports.

Chairman of the Association of Uzbekzargarsanoati Nodir Mirakhmedov made a speech at a press conference on the prospects for the development of the jewelry market in Azerbaijan, problems and opportunities, held on Feb. 18 in Baku.

According to Mirakhmedov, within a year and a half since the foundation of the Association of Jewelers of Uzbekistan, the association, together with other government agencies, has studied the experience of foreign countries with leading positions in this industry including Turkey, India, Italy, Thailand and others.

"Unfortunately, the jewelry industry in Uzbekistan was in the shadow for a quarter of century," Nodir Mirakhmedov said.

Chairman of the Committee noted that the most important decision in the field was the decree of Uzbek President Shavkat Mirziyoyev of May 18, 2019. The decree exempted the entire chain of the jewelry industry, from raw materials to finished jewelry, from VAT.

"Due to 10-15 percent VAT imposed in the past, the value of local products was high and noncompetitive. It exceeded even the price of imported products," he said.

Mirakhmedov also noted that domestic producers had been working on the black market for a long time and could not fully develop their production.

"But now we have all necessary conditions. Access to raw materials was simplified - through banks exchange, and from May 18, 2019, jewelers have the right to buy precious metals from the public. In addition, foreign and domestic investors were given the right to purchase territory for the production of gold. Just yesterday, Uzbek Prime Minister Abdulla Oripov signed a resolution, which sets out the procedure for obtaining a license for refining activities. From now on, both gold mining and refining will be performed by the private sector," Nodir Mirakhmedov said.

Mirakhmedov also said that 2020 is the beginning of cooperation between Uzbekistan and Azerbaijan on jewelry business.

A press conference on the topic "Prospects for the development of the jewelry market in Azerbaijan: problems and opportunities"was held in Baku on Feb. 18. The event was attended by Azerbaijan's Economy Minister Mikayil Jabbarov, Chairman of the State Customs Committee Safar Mehdiyev, Chairman of the Board of the Small and Medium Business Development Agency Orkhan Mammadov, as well as local entrepreneurs involved in the jewelry business.


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