Asaka Bank invests in reconstruction of jewelry factory in Uzbekistan

Uzbekistan Materials 14 February 2021 14:16 (UTC +04:00)
Asaka Bank invests in reconstruction of jewelry factory in Uzbekistan

BAKU, Azerbaijan, Feb. 14

By Klavdiya Romakayeva - Trend:

Asaka Bank JSC allocated a loan for the creation of a new Fonon jewelry factory, Trend reports with reference to the press service of the bank.

It is reported that the total project cost amounts to 28 million euros, of which 19 million euros were allocated by Asaka Bank.

According to the information, the reconstruction of the old building was carried out with the funds provided by Asaka Bank. The upgraded Fonon is located in the Chilanzar district. Previously, there was also a jewelry factory on this site, which hasn't been functioning for many years.

The bank also paid for the equipment brought from Italy, Germany and Turkey. The rest of the funds were channeled into the company's working capital.

The factory operates in two directions - production of finished products and semi-finished products. The latter are made for jewelers who will be able to create their own original products on their basis.

It is noted that it is planned to produce six tons of jewelry in the first year of the factory’s operation.

The representative of the Fonon factory said that Fonon's global goal is to develop the jewelry industry in the country. Uzbek gold is highly valued all over the world, but it is sold mainly in the form of ingots.

"We want to develop the export market of finished jewelry products, not only in the CIS market, but also beyond it," he said.

It was also noted that Italian specialists are involved in the production in addition to full-time employees. They work not only on the manufacture of products, but also on the creation of their designs. The Italians also conduct marketing research, sell and legalize Fonon products. Each of them has worked in the jewelry industry for at least 25 years and has significant experience.

At launch, Fonon mainly produces gold jewelry. The further plans of the factory are to produce platinum items with diamond inserts. There is also a line of silver products that has not yet been launched.

Furthermore, it was noted that it is planned to open branches in Samarkand, Kokand and Bukhara regions during the year.


Follow the author on Twitter: @romakayeva