Tashkent, Uzbekistan (UzDaily.com) -- At a regular meeting of the Legislative Chamber of the Oliy Majlis, held on 8 September 2020, deputies considered a number of bills aimed at legal support of reforms in various spheres of the country’s life.

One of the documents that provoked a heated discussion among the deputies was the draft law "On precious metals and precious stones", which was included in the agenda in the second reading.

The draft law envisages a comprehensive legal regulation of relations in the field of precious metals and precious stones, the establishment of the degree of testing of jewelry, the branding system, as well as the improvement of procedures for monitoring their quality.

Along with this, the project stipulates a drastic simplification of the assay and stamping of precious metals in comparison with the existing current procedures. It is supplemented by the rules on the granting of ownership of precious metals and precious stones, which allows considering precious metals as a simple commodity, their ownership by business entities or individuals, and dispose of in the appropriate manner.

Currently, the bill strengthens the legislation that the right to manufacture certain types of activities with precious metals and precious stones (coins, orders, standard and measured bars) is exercised only by the state.

- In order to ensure the effective implementation of the project in the process of finalizing the project for the second reading, meetings and round tables were organized with jewelers and experts in the sphere of the city of Tashkent and the Fergana region, as well as their opinions were studied, - says the Deputy Chairman of the Committee on Industry, Construction and trade Nodir Tilavoldiev. - Also, from the Ministry of Investments and Foreign Trade of the Republic of Uzbekistan, the conclusion of the investment expertise was taken on the absence in the draft law of norms that contradict the rights and interests of investors.

According to the people’s representatives, the innovations introduced by the bill will help to specifically limit the powers and responsibilities of state bodies and other participants in the sphere, eliminate the shadow economy from this area, create favorable conditions for investment and increase competition.

After debates and discussions, the bill was adopted by the deputies in the second reading.