July 29, 2024

Further development of the jewelry production sphere

Decree No. UP-104 of 23.07.2024 “On measures for further development of jewelry production and ensuring its competitiveness” was signed by the President.

According to this Decree, in the period from 2024 to 2026, one jewelry center each will be established in Bukhara and Namangan regions, and two jewelry centers with the necessary infrastructure will be established in Tashkent.

In addition, state immovable property, both unified and divided into lots (parts, premises), will be provided on long-term lease to business entities and commercial banks with the condition of payment in installments for the subsequent organization of the jewelry center’s activities on the territory of the facility.

From September 1, 2024, the refineries, which are members of the Association “Uzbekzargarsanoati”, will have the right to buy precious metals from JSC “Almalyk MMC” and JSC “Navoi MMC” under direct contracts with the condition of 100% prepayment. After being brought to acceptable forms and volumes, the metals will be sold to jewelry manufacturers

In addition, from November 1, 2024:

  • it will be prohibited to offer for sale or exchange for retail jewelry made abroad without documents confirming the payment of customs duties. This measure does not apply to jewelry that was accounted for (received) in accordance with the legislation on accounting before September 1, 2024;
  • scrap and waste of precious metals and metals clad with precious metals, the export of which requires a license, will be included in the list of specific goods;
  • jewelry semi-finished products that do not have an assay inspection certificate will not be allowed to be exported outside the customs territory of Uzbekistan,
  • export of finished jewelry without filling out a passenger customs declaration will be allowed in the following weight ranges: up to 200 grams for silver, up to 65 grams for gold and other precious metals.

In addition, additional tax exemptions were established for the period from September 1, 2024 to September 1, 2027 for members of “Hunarmand” Association, which also apply to individual entrepreneurs engaged in the production of jewelry and are members of “Uzbekzargarsanoati” Association. Also, immovable objects and land plots used in the production of business entities engaged in the production of jewelry and are members of the Association “Uzbekzargarsanoati” will be exempt from property tax and land tax.