RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of June 26, 2025 No. PP-207

About additional measures for support of the sphere of production of jewelry

For the purpose of further development and transformation of the jewelry industry into one of the leading industries of the republic, and also the state support of activities for production and realization of jewelry and other products from precious metals and gemstones (further - jewelry) I decide:

I. Main objectives

1. Determine main objectives of adoption of this resolution:

(a) bringing annual amount of conversion of precious metals to 7 tons, indicators of export of jewelry - to 300 million US dollars;

(b) reducing illicit trafficking in precious metals and jewelry at least for 50 percent;

(c) removal of activities for production of jewelry on the industrial level, and also support of production of jewelry with modern design, capable to compete in the international markets;

(d) implementation of the effective control system in the field of production and realization of jewelry.

II. Support of production of jewelry

2. Permit at the expense of the funds of the Government budget in the amount of 100 billion sum allocated to Fund of support of industries according to the Presidential decree of the Republic of Uzbekistan of July 23, 2024 No. UP-104, to cover also the expenses specified in appendix No. 1*.

3. Determine that since July 15, 2025:

(a) The fund reconstruction and developments along with placement on deposits of banks of the target resources provided by the Presidential decree of the Republic of Uzbekistan of July 23, 2024 No. UP-104, is allowed to allocate data funds to also leasing organizations as credit line for up to 5 years with interest rate for 3 percent points below the main rate of the Central bank.

(i) At the same time the leasing organizations at the expense of the allocated credit line provide the equipments used in the jewelry industry, spare parts and component parts in leasing for a period of up to 5 years, including grace period 2 years, at the main rate of the Central bank according to the procedure of charge of percent on debt remaining balance;

(b) the imported according to the lists created in accordance with the established procedure, not made in the Republic of Uzbekistan and used in the jewelry industry the equipment, spare parts, component parts and consumable materials for a period of up to July 1, 2028 are exempted from customs duty;

(c) the procedure for realization of JSC Navoiysky MMC and JSC Almalyksky MMC of precious metals on the basis of direct contracts and with payment term is by installments prolonged till January 1, 2030.

(i) At the same time to the subjects of entrepreneurship who bought precious metals with payment term by installments and allowed overdue debt, precious metals according to the specified procedure before complete debt repayment are not implemented.

4. Provide to Republican council on development of the jewelry industry (D. Kuchkarov) power of assignment of the status of the jewelry center to the complexes specialized on production and realization of jewelry and conforming to the established requirements.

5. Determine that the following measures of support, according to which are provided to the subjects of entrepreneurship performing activities in the jewelry centers:

(a) in case of realization of precious metals with payment term by installments on part of the payments made within 90 days, percent are not charged, on part of the payments made from the 91st day to the 180th day inclusive, percent are charged in the amount of 3 annual interest rates;

(b) in the jewelry centers activities of branches (exit services) of Uzbekzargarsanoati Association and Inspection of the state assay control are adjusted, and also laboratories of operational diagnostics of jewelry and gemstones are created;

(c) in case of the introduction in membership of Uzbekzargarsanoati Association the subjects of entrepreneurship performing activities in the jewelry centers pay the membership fees with 50 percent discount.

III. Reducing share of shadow economy in jewelry industry

6. Determine that since January 1, 2026:

(a) are cancelled:

(i) privilege on tax exemption for turnover value added on realization of the jewelry and semifinished products made of precious metals and gemstones;

(ii) collection for realization in retail trade of jewelry from gold;

(b) the subjects of entrepreneurship who are engaged in production or realization of jewelry are recognized taxpayers on value added irrespective of their income;

(c) till January 1, 2028 producers of jewelry determine base of the value added tax proceeding from positive difference between sales price of jewelry (semifinished products) and the price of the precious metals and gemstones containing in their structure. At the same time:

(i) it is allowed to read from sales price of jewelry and semifinished products only the price of the precious metals acquired at JSC Navoiysky MMC, JSC "Almalyk by MMC, and also at the exchange biddings at other subjects, and the price of the imported gemstones;

(ii) the price of the precious metals and gemstones containing in structure of jewelry and semifinished products is calculated proceeding from the prices published on the official website of the Tax Committee;

(iii) to the subjects of entrepreneurship who are engaged in prospecting production of precious metals, and also the affinaging companies it is allowed to enable the realization of precious metals at the exchange biddings;

(d) till January 1, 2028 to the subjects of entrepreneurship who are engaged in production or realization of jewelry no later than the 25th day of every month from the republican budget of the Republic of Uzbekistan 80 percent of the value added tax paid with them in the budget automatically return.

(i) At the same time this procedure is applied if in total sales of the specified subjects for tax period the income from production and retail trade by jewelry constitutes at least 80 percent.

7. Establish procedure according to which:

(a) till September 1, 2025 Inspection of the state assay control performs approbation and branding of the jewelry made abroad without reclamation of the documents confirming payment of customs payments. At the same time:

(i) jewelry which branding is performed according to the subitem "an" of this Item can be implemented without documents confirming payment of customs payments;

(ii) since September 1, 2025 approbation and branding of the jewelry made abroad and which do not have the documents confirming payment of customs payments is forbidden to perform Inspections of the state assay control;

(b) since September 1, 2025:

(i) individual entrepreneurs are allowed to be engaged in sales activity of jewelry;

(ii) Inspection of the state assay control in the cities of Tashkent and Nukus, and also the regional centers practice of rendering exit services in approbation and branding of jewelry takes root;

(iii) the award in the amount of 50 percent of the collected penalty amount is paid to persons who reported by means of the Soliq mobile application about violation of the law about precious metals and gemstones.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info