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The period of benefits provided to jewelers has been extended until 2029

The period of benefits provided to jewelers has been extended until 2029

State support for the development of the jewelry industry in Uzbekistan has been extended for several more years. According to the new presidential decree, the period of discounts and benefits for entrepreneurs engaged in jewelry purchasing precious metals will be valid until February 1, 2029. The Ministry of Justice officially announced this.

The Resolution amended paragraph 2 of the document No. PP-452 of December 23, 2022. Now jewelers will have the opportunity to purchase gold and other precious metals at reduced prices through exchange trading or direct contracts for another four years.

Also, starting from February 1, 2026, new criteria will be introduced for the formation of a unified list of jewelers benefiting from benefits. According to it, entrepreneurs who have created new jobs and concluded an official labor contract with workers, who have paid them wages not less than four times the minimum wage, will be included in the list. This information must be confirmed by the tax authorities.

In addition, being officially registered as a business entity operating in jewelry centers for at least one month has also been defined as a new criterion.

According to the decision, gold and other precious metals produced by the Navoi and Almalyk Mining and Metallurgical Combines will be sold through exchange trading or through direct contracts. In this process, entrepreneurs who create new jobs in the jewelry industry will receive a discount of up to 4 percent of the morning fixing price of the London Precious Metals Market Association.

Experts note that these measures are aimed at further developing the jewelry industry in the country, expanding export opportunities, and stimulating local producers. At the same time, this decision is expected to create new jobs, strengthen official labor relations, and increase the income level of jewelers.

According to experts in the jewelry industry, extended benefits will ensure stability in the industry and further increase the competitiveness of domestic products in international markets.

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