Individual entrepreneurs in Uzbekistan will also be allowed to trade in gold items. This was announced by President Shavkat Mirziyoyev during a video conference meeting on local industry development on May 26th he informed.
In 2024, the production in jewelry exceeded 200 million dollars, with exports increasing by 17 percent to 92 million dollars.
The President noted that despite the country mining more than 100 tons of gold annually, only a fraction of the potentials are being utilized. Furthermore, the head of state mentioned that the share of the "shadow" economy in the sector is high.
"Annually, jewelry worth 550-600 million dollars circulates in informal gold markets. Or, if independent explorers handed over 40 kg of gold in 2020, last year it decreased by a hundredfold," — said Shavkat Mirziyoyev.
At the meeting, suggestions were made to allow individual entrepreneurs to trade in gold items to bring the sector "out of the shadows," and to cover part of the expenses for bringing foreign designers, technologists, and gemologists who work with precious stones, in order to create a national brand in jewelry. The head of state approved these suggestions.
Through this, jewelers can engage in the trading of gold items as individual entrepreneurs. The President instructed officials to modernize the informal jewelry stalls at local areas and legalize their operations.
The expense of hiring foreign specialists up to 2,500 dollars will be covered, conditionally on producing at least five apprentices.
At the meeting, the president said it's time to transition to industrial methods in jewelry, to protect the domestic market, and to support and promote national brands.
For this, the import tax for tools and parts used in the jewelry industry will be exempted. The arrangement to buy gold from Navoi and Olmaliq plants on an installment basis will be extended for another three years.
Collaborations with prestigious brands will be established, covering up to 30,000 dollars of the expenses for acquiring their designs and molds.
