Jewelers should not face any shortage of raw materials – President

President Shavkat Mirziyoyev has emphasized that jewelers must not face any shortage of raw materials. He gave this directive during a video conference held on May 26 to discuss future priorities for the development of local industry.

“Let everyone hear this clearly: jewelers should not have any problems with raw materials,” the President stated.

To support the sector, the volume of gold sold through the commodity exchange will be increased from 6 tons to 8 tons this year.

Drawing from international best practices, modern jewelry centers that appeal to both manufacturers and investors have already been launched in Yakkasaroy district of Tashkent, Andijan, and Khiva. The government now plans to establish similar centers across the country. These centers will house raw material depots, laboratories, training facilities, showrooms, and retail outlets all in one location.

Gold reserves will be created in regions where such centers exist or are planned, including Tashkent, Andijan, Khorezm, Bukhara, Namangan, Samarkand, and Fergana. Additional reserves will be established elsewhere based on demand.

The President also addressed the need for order and transparency in the sector.

“Let’s be honest: no major breakthrough can be achieved in a sector without discipline and a transparent system. Once all the necessary conditions are in place, the law will apply equally to those still operating in the shadows,” he noted.

To this end, the Asillik Inspectorate, in cooperation with the State Tax Committee and the Prosecutor General’s Office, has been instructed to strengthen oversight of the jewelry sector. Entrepreneurs will have one month to certify their jewelry through the Asillik Inspectorate and return it. Authorities are also tasked with conducting a thorough analysis of the sector and introducing a system that incentivizes all participants in the "raw materials – production – trade" chain to operate legally.

In 2024, Uzbekistan's jewelry production surpassed \$200 million, and exports rose by 17% to reach \$92 million. However, despite the country mining over 100 tons of gold annually, less than 10% of its potential is currently being utilized.

The sector is still heavily affected by the shadow economy. It is estimated that \$550–600 million worth of jewelry circulates annually in unofficial gold markets. In 2020, 40 kilograms of gold were handed over by individual prospectors, but this figure declined by a factor of 100 last year.

To address this, new proposals were adopted to allow individual entrepreneurs to legally trade in gold products. The government will also cover part of the costs of attracting foreign designers, technologists, and gemologists to help develop a national jewelry brand. President Mirziyoyev approved these initiatives.

Additionally, local informal jewelry workshops will be modernized and legalized. Individual entrepreneurs will be allowed to trade in gold products.

Up to \$2,500 in expenses will be reimbursed for bringing in foreign specialists, provided that each trains at least five apprentices. Authorities emphasized the need to adopt an industrial approach to jewelry manufacturing, protect the domestic market, and promote national brands. To support this, imports of equipment and components used in the jewelry industry will be exempted from customs duties.

Furthermore, the procedure allowing jewelry producers to purchase gold on installment from the Navoi and Almalyk mining and metallurgical plants will be extended for another three years. Up to \$30,000 of the cost of importing molds and design prototypes will also be reimbursed through partnerships with renowned international brands.

This announcement follows the President’s earlier decision at the same meeting to reduce import duties on 14 types of raw materials used in furniture manufacturing—such as fittings, accessories, paint, glue, and chipboard—to 1% for a period of three years.