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Uzbekistan to launch full-scale production of jewelry

21 November 2017 13:44 (UTC+04:00)
Uzbekistan to launch full-scale production of jewelry

By Kamila Aliyeva

Over centuries Uzbek craftsmen have passed the art of creating jewelries made of precious metals in Uzbek classic style from generation to generation. However, now the country is set to move to industrial production in order to increase the total output and export volumes.

Uzbekistan intends to launch a full-scale industrial production of jewelry products, which previously were made by handicraft, next year.

In the coming year, the country plans to produce gold products worth $16.4 million and silver products worth $111,900.

By 2020, the republic will bring the annual output of jewelry products to more than $40 million. For three years, the output of silver products is planned to increase by 6.2 times - from $112,000 in 2018 up to $760,500 in 2020, and gold products by 2.4 times, from $16.4 million up to $39.6 million.

A special emphasis will be placed on promoting products abroad. In 2020, it is planned to export jewelry for almost $14 million.

The main volumes will be produced on two enterprises, which will be put into operation in 2018-2019. These are jewelry factories on the basis of the Phonon and 1-Zargarlik Korhonashi companies. It is planned to attract the famous South Korean company Jemco for the development of the first enterprise, and the local bank Asaka for the second one.

Earlier, Uzbek President Shavkat Mirziyoyev approved the decision to establish the Uzbekzargarsanoati jewelry industry association.

Preservation and further development of centuries-old traditions of jewelry art in various regions of Uzbekistan, coordination of the implementation measures for the development of the industry, consistent implementation of a unified scientific, technological, investment and export policy are among the main tasks of the new structure.

Mirziyoyev instructed "Uzbekzargarsanoati" to develop and submit for the government's approval a targeted program to modernize existing and create new facilities in the jewelry industry for 2018-2020 by mid-February next year.

From January 1, 2018, excise tax on jewelry sold at retail will be canceled. Manufacturers of jewelry were also exempted from excise tax and value added tax when selling products, including for export, until January 1, 2020. At the same time, all released funds must be sent to the reconstruction and modernization of production, replenishment of current assets.

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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

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