Tuesday, 18, May, 2021

President Shavkat Mirziyoyev signed the Measures to Facilitate Further Development of Jewelry Industry Decree. Shavkat Mirziyoyev approved a proposal to introduce, until March 1, 2023, the procedure for selling precious metals to jewelry manufacturers through a direct deal or with installments.

It was established that within the framework of the state order for the production of precious metals, Navoi Mining and Metallurgical Plant and Almalyk Mining and Metallurgical Plant shall sell precious metals to jewelry manufacturers in the form of raw materials without the right of resale on the basis of a direct agreement or through a commodity exchange with making a 15% prepayment of the price and the condition of a deferral of payment for 180 days.

National Bank provides a bank guarantee for precious metals sold through the commodity and raw materials exchange subject to a deferral of payment for 180 days, in the amount of up to 85 percent (inclusive) of the contract amount with a commission of up to 2 percent per annum.

According to the document, pearls, diamonds and precious metals are not subject to import customs duties.

The President instructed to establish a procedure according to which, starting from April 1, 2021, it is allowed to apply the assay mark and the personal hallmark of the manufacturer by mechanical (shock) or laser methods. At the same time, the manufacturer shall be responsible for confirming the authenticity of the personal stamp applied to jewelry by laser methods.

Legal entities licensed to carry out refining activities will be allowed to sell measured bullions of their own production to individuals and legal entities. In this case, the cost of selling bullion is set by the producers independently in the amount of not less than the price of the morning fixing of the London Precious Metals Exchange and the rate of the Central Bank on the day of settlement;

It is also planned to allow the sale in the domestic and foreign markets of jewelry made of precious metals and precious (semi-precious) stones through e-commerce.

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