Baku, Azerbaijan, March 26
By Fakhri Vakilov – Trend:
The sale of precious metals from the warehouses of Almalyk Mining and Metallurgical Complex began on the Uzbek Commodity and Raw Materials Exchange (UZEX), Trend reports with reference to the press service of the exchange.
At the auction from March 18 to March 20, 46.5 kg of silver was sold for 192.6 million soums. The weekly exchange quotation of silver amounted to 4142.56 soums per 1 g. Manufacturers of industrial products with processing capacities as well as jewelry manufacturers participated in the auction. Precious metals purchased at exchange trades are not subject to sale for export.
Currently, two contracts have been opened for Ag-1 silver bars with a lot of 500 grams and Au-1 gold bars with a lot of 100 grams for the sale of precious metals on the domestic exchange market.
The daily amount of silver that is offered at the auction is 15.500 grams, gold – 2,600 grams. The starting price for precious metals is determined on the basis of the last morning fixing of the London Association of the Precious Metals Market in the national currency of Uzbekistan.
To participate in the exchange trading, sellers and buyers must make a deposit in the amount of 1 percent of the estimated amount of the transaction. Jewelry manufacturers must also submit to the exchange a license for the right to manufacture jewelry.
The regulation on the procedure for the sale of precious metals on the exchange trading of the UZEX was approved by the Cabinet of Ministers in early March.
($1- 8373.40 soum on March 26)
Follow author on Twitter:@vakilovfaxri