Monday, 22, April, 2024

President Shavkat Mirziyoyev chaired a governemnt meeting on the development of local industry on November 7, his spokesman Sherzod Asadov said on Monday.

Along with other areas, Shavkat Mirziyoyev announced measures to support the jewelry industry.

The volume of the domestic jewelry market is estimated at $300 million. The President believes that local jewelers can meet such demand. To this end, from December 1, all banks and the Export Promotion Agency will begin to provide jewelers with guarantees for payment deferral for gold and silver. Guarantees can be obtained by both companies and individual entrepreneurs.

In addition, from this date, precious and decorative stones used by jewelers shall be waived from customs duties.

The requirement to obtain license for temporary import and export of gold, silver and other raw materials necessary for the creation of jewelry is also being abolished.

From December 1, individuals will be allowed to carry out up to $10,000 worth of jewelry (currently up to $5,000).

Province governors were instructed to launch jewelry trade and production complexes in Samarkand, Bukhara and Kokand.

In May 2019, jewelers received the right to independently test their products, sell products of their own production at retail, and also buy scrap of precious metals, precious stones and products from the public for production purposes.

In February 2021, the president, by his decree, allowed manufacturers to buy precious metals through direct contracts or under 180-day deferred payment term. Companies were also allowed to sell measured bars of their own production.

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