Jewelry Manufacturers to Receive Increased Support
Uzbekistan
According to Law No. O‘RQ-1059 of the Republic of Uzbekistan dated April 18, 2025, amendments and additions have been made to certain legislative acts.
Under the amendment to the Tax Code, from September 1, 2024, to September 1, 2027, tax benefits previously granted to members of the "Hunarmand" Association will also apply to individual entrepreneurs engaged in the production of jewelry and who are members of the "Uzbekzargarsanoati" Association.
Additionally, real estate and land plots used in production by these entrepreneurs will be exempt from property and land taxes.
According to the amendment to the Law "On Precious Metals and Precious Stones," refining enterprises will be granted the following rights without undergoing additional permitting procedures:
to sell precious metals to jewelry manufacturers in convenient forms and quantities;
to produce and sell souvenir coins made from precious metals.
Moreover, jewelry manufacturers will have the right to sell semi-finished jewelry products made from precious metals to other jewelry manufacturers.
The value of such semi-finished products must be independently set by the jewelry manufacturers but not lower than the morning fixing price of the London Bullion Market Association and the Central Bank’s exchange rate on the settlement day.
Additionally, real estate and land plots used in production by these entrepreneurs will be exempt from property and land taxes.
According to the amendment to the Law "On Precious Metals and Precious Stones," refining enterprises will be granted the following rights without undergoing additional permitting procedures:
to sell precious metals to jewelry manufacturers in convenient forms and quantities;
to produce and sell souvenir coins made from precious metals.
Moreover, jewelry manufacturers will have the right to sell semi-finished jewelry products made from precious metals to other jewelry manufacturers.
The value of such semi-finished products must be independently set by the jewelry manufacturers but not lower than the morning fixing price of the London Bullion Market Association and the Central Bank’s exchange rate on the settlement day.
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