Tashkent, Uzbekistan (UzDaily.com) — During the latest plenary session of the Senate of the Republic of Uzbekistan, senators reviewed and approved the Law "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan Aimed at the Further Development of the Jewelry Industry."

The new legislation is designed to stimulate the sector’s growth, enhance the competitiveness of Uzbek jewelry in both domestic and international markets, and remove existing barriers for businesses.

In recent years, Uzbekistan’s jewelry industry has demonstrated steady growth. The number of enterprises in the sector has tripled, reaching 627, while the number of employees has exceeded 3,000. In 2024, jewelry production amounted to 2.5 trillion soums, marking a 15% increase compared to 2023. Exports also grew by 20%.

However, despite this positive trend, the industry still faces several challenges, including a shortage of raw materials, the illegal circulation of precious metals and stones, and insufficient tax incentives for entrepreneurs. These factors hinder the full realization of the sector’s potential.

To address these issues, amendments have been introduced to several legislative acts, including the Administrative Liability Code, the Tax Code, and the laws "On Licensing, Permitting, and Notification Procedures" and "On Precious Metals and Precious Stones."

The Administrative Liability Code now imposes significantly higher fines for violations related to the circulation of precious metals and stones. Selling counterfeit or substandard jewelry will result in fines ranging from 30 to 50 basic calculation units.

Under the amendments to the Tax Code, individual entrepreneurs engaged in jewelry production and registered as members of the "Uzbekzargarsanoati" association will be exempt from property and land taxes until 1 September 2027. These exemptions apply to land plots and real estate used in the production process.

The adoption of this law aims to create favorable conditions for the development of the jewelry industry. The new measures are expected to improve the supply of raw materials for manufacturers, boost the sector’s export potential, increase tax and foreign currency revenues, and meet consumer demand for high-quality jewelry.

Senators unanimously supported the law, emphasizing its significance for the continued development of the jewelry industry as one of the key drivers of Uzbekistan’s economy.