Fonon Put Up for Privatization at a Starting Price of UZS 316.7 Billion
Business
The Uzbek government has put its 100% stake in Gold Moon Tashkent, the owner of the Fonon jewelry plant in Tashkent, up for open auction. The starting price has been set at UZS 316.67 billion, with the auction scheduled for September 28.
The auction will be held on the E-auksion platform using an ascending-price format. Applications will be accepted until 9:00 a.m. on September 28, with bidding scheduled to begin at 10:00 a.m. The lot was listed by the State Assets Management Agency.
Gold Moon Tashkent owns a 2.56-hectare land plot and a complex of buildings and structures with a total area of 11,370 square meters. The assets are located at 50 Kichik Halqa Yo‘li Street in Tashkent’s Chilanzar district. The company’s real estate is subject to restrictions imposed by a commercial bank in connection with its credit obligations.
Gold Moon Tashkent was registered in August 2019 and specializes in jewelry manufacturing. According to the information published for the auction lot, the company’s charter capital is approximately UZS 444.5 billion, while its liabilities stood at UZS 550.3 billion as of mid-2026. Its net assets remained negative at approximately UZS 107.3 billion.
The company’s financial performance has changed in recent years. Gold Moon Tashkent reported a net loss of UZS 12.3 billion in 2024, which narrowed to UZS 7.8 billion in 2025. In the first half of 2026, the company generated UZS 281.9 billion in revenue and recorded a net profit of UZS 33.4 billion.
The sale of the state stake is being carried out under Uzbekistan’s privatization program. Under current legislation, buyers may purchase the state asset with payment spread over a period of up to 36 months.
Gold Moon Tashkent owns a 2.56-hectare land plot and a complex of buildings and structures with a total area of 11,370 square meters. The assets are located at 50 Kichik Halqa Yo‘li Street in Tashkent’s Chilanzar district. The company’s real estate is subject to restrictions imposed by a commercial bank in connection with its credit obligations.
Gold Moon Tashkent was registered in August 2019 and specializes in jewelry manufacturing. According to the information published for the auction lot, the company’s charter capital is approximately UZS 444.5 billion, while its liabilities stood at UZS 550.3 billion as of mid-2026. Its net assets remained negative at approximately UZS 107.3 billion.
The company’s financial performance has changed in recent years. Gold Moon Tashkent reported a net loss of UZS 12.3 billion in 2024, which narrowed to UZS 7.8 billion in 2025. In the first half of 2026, the company generated UZS 281.9 billion in revenue and recorded a net profit of UZS 33.4 billion.
The sale of the state stake is being carried out under Uzbekistan’s privatization program. Under current legislation, buyers may purchase the state asset with payment spread over a period of up to 36 months.
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