India's Goldstar Group to Invest US$20 Million in Tashkent Jewelry Plant

Tashkent, Uzbekistan (UzDaily.com) — The prominent Indian jewelry corporation Goldstar Group intends to establish a modern, high-tech production facility in Uzbekistan. The implementation prospects of this investment project were discussed during a visit by a delegation from the Indian holding to Tashkent, where the foreign guests toured the production capacities of the capital's FONON plant.

Substantive negotiations were attended by Nodir Mirakhmedov, Chairman of the Uzbekzargarsanoati Association; Bunyod Mamadjanov, Khokim of Tashkent's Uchtepa district; and top management from the domestic firms Gold Moon Tashkent and Global Universal Servis.

The parties reviewed development pathways for the republic's jewelry industry, foreign technology transfers, and mechanisms to enhance the sector's export capacity. The meeting concluded with the review of a draft tripartite memorandum aimed at launching the new production line and generating employment.

During the presentation, Goldstar Group representatives disclosed the parameters of the future industrial facility. The Indian investor plans to construct a plant for the manufacture of finished jewelry with a production capacity of up to 10 tons of products per year. The preliminary value of the investment package is estimated at US$20 million.

The new enterprise is expected to generate more than 100 permanent jobs, with local specialists making up over 70% of the total workforce. The specialized association emphasized that the entry of such a major market player into Uzbekistan will help integrate unique technological solutions into the local sector and notably diversify the geography of export shipments.

Established in 1962, Goldstar Group is a vertically integrated holding company with a complete production chain spanning from diamond sorting and professional cutting to jewelry manufacturing. The company's products are supplied to markets across the United States, Europe, Asia, Australia, and the Middle East. The corporation's total workforce exceeds 1,500 people.