The President outlines important tasks to develop jewelry industry

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May 8, 2019

The President outlines important tasks to develop jewelry industry

President of the Republic of Uzbekistan Shavkat Mirziyoyev held a meeting on May 8 on the issues of developing the jewelry industry and enhancement of opportunities for manufacturers in the field.
Jewelry products are one of those enjoying most popularity in the world. The fact that production in the global jewelry industry grows by 5-6 percent annually and that the cumulative turnover exceeds 250 billion US dollars is suggestive of its tremendous export potential.
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 the state stressed at the meeting the need for an effective use of raw materials, attraction of investments into the industry and 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 Shavkat 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.
In Uzbekistan, the sector focuses mainly in the manufacture of jewelry. In fact, the industry can cover many other activities. For example, gold watches, stationery and souvenirs, silver kitchen sets are in high demand.
Thus, one silver table set manufactured from 4 kilograms of silver costs an average of 4 thousand dollars. Considering that over a hundred tons of silver is mined in Uzbekistan a year, exports of such products can reach millions of dollars.
There are deposits of such precious stones as turquoise, malachite, lapis lazuli, and opal in the country, but their industrial development has yet to be established.
The President gave instruction on 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 people and entrepreneurs.
Shavkat Mirziyoyev suggested that solution to these issues requires removing the restrictions on the supply of jewelry products to the market and granting individual manufacturers the right to sell their products.
The Head of the state noted that domestic enterprises should 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.
Special attention was paid to improving the activities of Uzbekzargarsanoati Association.
The President ordered to prepare a draft resolution envisaging essential measures for the execution of instructions given at the meeting.