TASHKENT, Uzbekistan, June 30. Uzbekistan has adopted a new presidential decree aimed at accelerating the development of the jewelry manufacturing industry by introducing tax incentives, regulatory reforms, and infrastructure support, Trend reports the Chamber of Commerce and Industry (CCI) of Uzbekistan.
Under the decree “On additional measures to support the jewelry manufacturing industry” (No. PQ-207), the government plans to increase annual precious metals processing to 7 tons and jewelry exports to $300 million. Another major target is halving the volume of unregistered trade in precious metals and jewelry.
To bolster entrepreneurial endeavors within niche jewelry hubs,
a suite of fiscal and institutional stimuli will be deployed. These
encompass zero-interest deferred payment structures extending up to
90 days for the acquisition of precious metals, alongside a nominal
annual interest rate of three percent applicable between the 91st
and 180th days. Furthermore, entrepreneurial entities will benefit
from a 50 percent reduction in membership dues to the
Uzbekzargarsanoati Association. Additionally, mobile service units
of the association, alongside the State Inspection for Control of
the Level of Authenticity, will be operationalized at jewelry
hubs.
Substantial regulatory transformations are concurrently on the
agenda. Commencing on January 1, 2026, the previously established
exemptions pertaining to Value Added Tax on jewelry transactions,
as well as the retail sales fee applicable to gold jewelry, will be
rescinded. Commencing from the current fiscal framework and
extending through January 1, 2028, stakeholders within the jewelry
production and retail sectors will be entitled to an automatic
monthly reimbursement of 80 percent of the Value Added Tax from the
national treasury.
Commencing September 1, 2025, private limited entities will gain
authorization to engage in the retail of jewelry, alongside the
rollout of mobile authenticity verification solutions in Tashkent,
Nukus, and various regional hubs. Furthermore, individuals who
disclose infractions through the "Soliq" mobile application will be
eligible to receive 50 percent of the penalties imposed.
