BAKU, Azerbaijan, January 11. Jewelers in Uzbekistan received new benefits, as the country is looking to boost the development of sectors outside of its heavy industry, Trend reports, referring to the official statement of the Press Secretary of the Uzbek President.
Among the important decisions announced by Uzbek President Shavkat Mirziyoyev on Jan. 10, one is related to the jewelry industry. In particular, the order says jewelers in Uzbekistan will be able to buy raw materials at a discount.
Moreover, the jewelers will receive tax, customs, and banking benefits.
The jewelry industry of Uzbekistan was among the sectors where it is estimated to realize various projects worth $2.6 billion and produce goods worth 4.5 trillion soums ($397 million).
The noted steps follow up on the presidential decisions in the jewelry industry made in 2022 when the head of state announced measures to support the jewelry industry. It was pointed out that the domestic jewelry market is estimated at $300 million, and the jewelers need to be able to satisfy such demand.
Thus, from Dec. 1, 2022, all banks and the Export Promotion Agency were instructed to provide guarantees to jewelers for a deferred payment (deferred payment) for gold and silver. Guarantees can be obtained by both companies and individual entrepreneurs.
Also, the license requirement for the temporary import and export of gold, silver and other raw materials necessary for the creation of jewelry has also been canceled. From December 1, individuals in Uzbekistan were allowed to export jewelry worth up to $10,000.