In our country, a new, important and strategic decision has been adopted to further develop and support the jewelry industry, which manufactures products from precious metals. The Presidential decree "On additional measures to support the jewelry production sector" is aimed at giving a serious impetus to economic growth in this area. The content of the decision includes a number of innovations, benefits and convenient mechanisms that are of great importance for entrepreneurs, investors, and the general public involved in the jewelry sector.
A new stage in the jewelry sector: success through numbers
One of the main goals outlined in the decision is to increase the annual volume of precious metals processing to 7 tons. This figure contributes not only to increasing production capacity but also to enhancing competitiveness in both domestic and export markets. At the same time, increasing export volume to 300 million US dollars is expected to help Uzbek jewelry products secure a place in the global market.
Reducing the informal turnover of precious metals and finished jewelry products by at least 50 percent is also identified as a top priority. This, in turn, will ensure transparency in the sector and increase budget revenues.
New opportunities for entrepreneurs: financial relief and systematic support
According to the decision, a number of benefits will be provided to entrepreneurs operating in jewelry centers.
In particular:
When purchasing precious metals on deferred payment terms, no interest will be charged for up to 90 days. From the 91st to the 180th day, only a 3% annual interest will be applied. This allows entrepreneurs to significantly ease their financial burden.
Also, mobile branches of the “Uzbekzargarsanoati” Association and the State Assay Control Inspection will be established at jewelry centers across the country. This will improve service quality and ensure effective local oversight.
Entrepreneurs who become members of the Association will pay the membership fee with a 50% discount, which encourages wider use of its services.
Jewelry industry: a new driver of the national economy
It should be noted that such measures not only make the jewelry industry a key area of economic development but also help create new jobs, preserve traditional craftsmanship, and adapt it to modern market demands. As a result of this decision, many young people, artisans, and small business owners will have wide access to opportunities in the jewelry sector.
Time to prepare for global market competition
Today, the precious metals market is undergoing major changes on a global scale. Through this decision, Uzbekistan is opening the door for its jewelry industry to take a strong position not only in the domestic market but also internationally. The goal to increase export potential to 300 million dollars serves exactly this purpose.
Conclusion: new opportunities are now open
Undoubtedly, this decision will bring fundamental changes to the jewelry sector in our country. Precious metals processing and product sales on domestic and international markets will expand, the informal economy will shrink, and most importantly — new jobs will be created.
Now, new doors are open for entrepreneurs and artisans. Deferred payment terms, discounts, cooperation with organizations, and market transparency will serve as the foundation for industry growth. This, in turn, will elevate another important sector of Uzbekistan’s economy — the jewelry industry — to a new level. Read 'Zamin' on Telegram!
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