Tashkent, Uzbekistan (UzDaily.com) – President of Uzbekistan Shavkat Mirziyoyev has signed a decree “On measures for the further development of the jewelry production sector and ensuring its competitiveness”.

According to the decree, from 2024 to 2026, one jewelry center will be established in Bukhara and Namangan regions, and two jewelry centers will be set up in Tashkent.

These centers will provide the necessary infrastructure for entrepreneurs. By the end of 2025, the annual production volume of jewelry and other items made of precious metals and stones is planned to increase to US$1 billion, with exports reaching US$100 million.

By 1 January 2025, it is envisaged to provide business entities and commercial banks with long-term lease or ownership of state real estate. These properties can be offered as a single asset or divided into parts and premises, with the possibility of installment payments for the organization of jewelry centers.

In implementing the sale of precious metals on deferred payment terms for jewelry manufacturers in the jewelry centers established by the decree, the following conditions are provided:

- No interest will be charged on payments made within 90 days;

- Interest of 3% per annum will be charged on payments made from the 91st to the 180th day.

Jewelry manufacturers at Almalyk Mining and Metallurgical Complex (AGMK) and Navoi Mining and Metallurgical Complex (NGMK) will be provided with the required volume of precious metals without interruption.

Starting from 1 September  2024, refining enterprises that are members of the “Uzbekzargarsanoati” Association will be able to purchase precious metals from AGMK and NGMKthrough direct contracts with prepayment, and then sell them in acceptable forms and volumes.

Jewelry manufacturers will be allowed to sell semi-finished products to other jewelry manufacturers. From 1 October 2024, to 1 October 2027, the requirement for a license for the import of alloys for the jewelry industry will be abolished, and alloys imported into Uzbekistan will be exempt from customs duties.

From 1 August 2024, a fee of 1 size of basic estimated value (340,000 soums) will be charged for placing finished jewelry under the “temporary export” customs regime for display at international exhibitions and fairs.

Additionally, from 1 October 2024, to 1 October 2027, customs duties will be exempted for equipment, packaging, and labeling products not produced in Uzbekistan and used in the jewelry industry, imported according to approved lists.

Jewelry temporarily imported by non-residents of Uzbekistan for the International Uzbek Jewellery Fair and subject to re-export will be exempt from customs duties.