Uzbekistan president signs law to support jewelry sector

President Shavkat Mirziyoyev has signed a law introducing legal and tax reforms to support the jewelry sector, reported "UzDaily.uz".

According to amendments to the Tax Code, from September 1, 2024, to September 1, 2027, current tax benefits for members of the “Hunarmand” Association will also apply to individual entrepreneurs who are members of “Uzbekzargarsanoati” and produce jewelry.

Additionally, companies in this Association are exempt from property and land taxes for facilities and plots used in jewelry manufacturing.

Changes to the Law “On Precious Metals and Gemstones” also give new rights to refining enterprises, allowing them to:
• Sell precious metals to jewelry producers in any suitable form and volume without special permits;
• Manufacture and sell souvenir coins made of precious metals.

Jewelry producers are also allowed to sell semi-finished products to each other at self-determined prices, provided they are not below the London Metal Exchange fix and the Central Bank rate of the day.