Uzbekistan to bolster jewelry industry

TASHKENT (TCA) — President of Uzbekistan Shavkat Mirziyoyev held a meeting on May 8 to discuss the development of jewelry industry and the enhancement of opportunities for manufacturers in the field, the Jahon information agency reported.

Production in the global jewelry industry grows by 5-6 percent annually and the cumulative turnover exceeds 250 billion US dollars. In Uzbekistan, this industry had received little attention until recently. Eighty percent of the equipment of jewelry enterprises is worn out, while at some others production had stopped.

Restrictions were plentiful on the sale of precious metals to jewelers. Starting from March 1 this year, the direct sale of precious metals to manufacturers through the exchange has been allowed.

The next objective is to raise the jewelry business to the level of a full-fledged industry.

The head of state stressed at the meeting the need for an effective use of raw materials, vigorous attraction of investments into the industry and the organization of modern production capacities.

The high cost of gold, platinum and silver limits the ability of enterprises in the sector to form working capital. In this regard, it was instructed to review the tax burden on the jewelry industry, to release imported crude and equipment from customs duties.

President Mirziyoyev pointed out that it is essential to stimulate investments from world-famous companies into public jewelry enterprises, to support manufacturers and provide them with preferential loans for the purchase of precious metals.

There are deposits of such precious stones as turquoise, malachite, lapis lazuli, and opal in Uzbekistan, but their industrial development has yet to be established.

The President provided guidance on the development of all aspects of jewelry industry and organization of the extraction of precious stones crucial for the industry.

Currently, individual entrepreneur jewelers do not have the right to sell their goods directly and are forced to use the services of intermediary stores. However, the complexity of procedures for probing and exporting ready-made jewelry products creates inconveniences for the public and businesses.

Mirziyoyev suggested that solution to these issues requires lifting the restrictions on the supply of jewelry products to the market and granting individual manufacturers the right to sell their products.

The head of state insisted that domestic enterprises stamp their goods themselves and that it is necessary to simplify the procedure for individuals to take jewelry abroad. Instructions have been given to establish electronic accounting for the reception and sales of jewelry at retail outlets and to prevent their illegal trade.

The President ordered to prepare a draft resolution with measures for the execution of instructions voiced at the meeting.

Sergey Kwan

TCA