President Mirziyoyev Reviews Strategies to Boost Jewelry Industry

Tashkent, The Gulf Observer: President of Uzbekistan Shavkat Mirziyoyev recently received a detailed presentation on initiatives aimed at advancing the country’s jewelry industry. The proposed measures focus on bolstering jewelry production and sales, alongside enhancing the export of finished products.

Uzbekistan holds substantial potential for expanding its jewelry production and export capabilities. President Mirziyoyev highlighted that only 6% of the gold mined in Uzbekistan is currently processed domestically, with exports totaling a mere USD 78 million. To address this, he emphasized the necessity of establishing specialized jewelry zones with favorable conditions for entrepreneurs, reevaluating raw material supplies, improving specialist training, and optimizing both production and sales systems.

The Ministry of Economy and Finance, in collaboration with the Chamber of Commerce and Industry, has formulated several proposals to stimulate the industry. Key among these is the consideration of expanding the authority of the Uzbekzargarsanoati association and reorganizing its management structure.

To further support manufacturers, it has been proposed that the benefits available to members of the Hunarmand Association be extended to individual jewelry-making entrepreneurs within the Uzbekzargarsanoati. Additionally, a zero rate of customs duty and value-added tax (VAT) on non-domestically produced equipment, packaging, and labeling materials used in the jewelry industry is under consideration, effective until October 1, 2026.

Discussions also included the establishment of special jewelry centers incorporating production, exhibition, and trading spaces. The presentation detailed pilot projects set to launch in Tashkent and the Namangan region.

Efforts to increase jewelry exports were a significant focus, particularly the potential establishment of a zero customs duty rate for exporting Uzbek-produced jewelry to the United States under the Generalized System of Preferences (GSP).

President Mirziyoyev directed the finalization of these measures and the development of a comprehensive program to advance domestic jewelry production through 2027. These steps are expected to significantly enhance Uzbekistan’s position in the global jewelry market and drive economic growth within the sector.