The State Assets Management Agency has put a 100% government stake in Gold Moon Tashkent, the parent company of the Fonon jewelry plant in Tashkent, up for public auction. The starting price for the asset is 316.67 billion soums, according to data from the E-auksion platform.
The auction is scheduled for September 28 at 10:00 a.m., with bids accepted until 9:00 a.m. that same day. The sale will be conducted using an ascending-price format.
According to Uzbekistan's Unified State Register of Enterprises and Organizations, Gold Moon Tashkent was registered in August 2019, with jewelry manufacturing listed as its primary line of business.
The company owns the Fonon plant, located at 50 Malaya Koltsevaya Doroga Street in Tashkent's Chilanzar district, across from the campus of Uzbekistan State World Languages University and near the Farkhad Bazaar.
The E-auksion listing notes that Gold Moon Tashkent's balance sheet includes buildings and structures, though the company's real estate holdings are currently subject to restrictions imposed by a commercial bank.
The buyer will have the option to pay for the asset in installments. Because the asset's value exceeds 20,000 base calculation units, Uzbek law allows for payment to be spread over a period of up to 36 months from the date the sale-purchase agreement is signed.
If the buyer's initial payment amounts to less than 35% of the purchase price, interest will accrue on the remaining balance at a rate equal to the Central Bank's key rate. If the buyer pays at least 35% of the price upfront, the acquired asset can be used as collateral for a loan.
Buyers who pay the full purchase price within one month of signing the agreement are also eligible for a discount, calculated based on the Central Bank's annual rate — though this discount does not apply if the asset is sold after a reduction in the starting price.
According to the asset listing on E-auksion, Gold Moon Tashkent employs 309 people and has a charter capital of 444.5 billion soums.
The company owns a 2.56-hectare plot of land along with a complex of buildings and structures spanning a total of 11,370 square meters, and is fully equipped with the necessary utility infrastructure.
Gold Moon Tashkent posted revenue of 413.8 billion soums in 2025, down slightly from 417.9 billion soums the year before. The company recorded a net loss for the second consecutive year, though the loss narrowed from 12.3 billion soums in 2024 to 7.8 billion soums in 2025.
In the first half of 2026, the company reported revenue of 281.9 billion soums and turned a profit for the first time in the period under review, posting net income of 33.4 billion soums.
As of mid-2026, Gold Moon Tashkent's assets were valued at 443 billion soums against liabilities of 550.3 billion soums, leaving the company with negative net assets of 107.3 billion soums — an improvement from negative net assets of 140.8 billion soums at the end of 2025.
Accounts receivable stood at 13.2 billion soums as of mid-2026, up from 11.5 billion soums at the end of 2025.
As Gazeta.uz has previously reported, the Gold Moon Tashkent jewelry plant opened in January 2021 on the site of the former Fonon research and production enterprise in Tashkent's Chilanzar district. The project was valued at roughly $21 million at the time, with a planned production capacity of six tons of jewelry per year. The plant sourced gold and silver from the Almalyk and Navoi mining and metallurgical combines through the commodities exchange, with the project financed through bank loans.
At the time of its launch, the Tashkent city administration was the sole founder of Gold Moon Tashkent, according to state registry data, and remained so until at least June 5, 2025. However, the application to register the Fonon trademark was filed by a private company, Technology Development, founded in 2018. Its sole founder was Dilmurod Rasulov, and the company's registered email address used an Artel Group domain. Technology Development's director, Behzod Khodjaev, previously worked as a consultant at Artel Engineering.
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