The President approved important decisions aimed at bringing the jewelry industry out of the shadows

Today, under the leadership of President Shavkat Mirziyoyev, a video conference meeting was held to discuss priority tasks aimed at developing the local industry, particularly the jewelry sector. The meeting addressed the sector’s current opportunities, challenges, and announced concrete proposals and decisions for their resolution.

Gold is produced, but the potential is not fully utilized

Since the beginning of 2024, the jewelry sector’s production volume has exceeded $200 million. Exports have grown by 17%, reaching $92 million. However, despite the extraction of more than 100 tons of gold annually, only about one-tenth of this potential is being used.

The “shadow” economy still dominates

The negative impact of the informal economy in the jewelry sector was also criticized at the meeting. Currently, jewelry worth $550–600 million circulates annually through unofficial markets. For example, in 2020, independent prospectors delivered 40 kg of gold, but in 2023 this figure dropped 100 times — indicating a large and stable volume outside official channels.

Proposals to turn the jewelry industry into an open and competitive system

The following practical proposals were made to “bring the sector out of the shadows”:

Allow individual entrepreneurs to officially trade in gold jewelry;
Invite foreign designers, technologists, and gemologists to create national jewelry brands;
Introduce a mechanism for partial compensation of their expenses by the state.

The goal is not only to legalize the sector but also to make it export-oriented and internationally competitive.

President approved the proposals

Shavkat Mirziyoyev identified the development of jewelry, transition from the “shadow economy” to honest and open business, and promotion of national products in international markets as a strategic task and approved the proposed measures.

In conclusion: Uzbekistan’s jewelry industry is entering a new stage. Now, not only precious metals, but legality, transparency, and modern management will come to the forefront. In the near future, we may see national jewelry brands labeled “Made in Uzbekistan” on global markets.