Tashkent, Uzbekistan (UzDaily.com) – President of Uzbekistan Shavkat Mirziyoyev signed a law  "On Precious Metals and Precious Stones".

According to the law, the right to use subsoil plots containing precious metals and precious stones for individuals and legal entities arises from the moment they receive an appropriate permit issued by the State Committee of the Republic of Uzbekistan for Geology and Mineral Resources in the prescribed manner.

After the termination of the right to use subsoil plots, individuals and legal entities engaged in the extraction of precious metals and precious stones are obliged to take measures to reclaim subsoil plots and bring them into a condition suitable for further use.

Subsoil plots containing precious metals and precious stones are the property of the Republic of Uzbekistan, are subject to rational use and are protected by the state.

In accordance with the legislation, artisanal mining of precious metals and precious stones is carried out by individuals and legal entities that have received the appropriate permission.

The permit is issued by the State Committee for Geology and Mineral Resources to citizens of Uzbekistan, and legal entities registered in Uzbekistan, based on the results of an electronic auction.

Concealment of mined precious metals and precious stones is the basis for the termination of the right to use subsoil plots for the implementation of this activity.

Also, the activity of refining precious metals is carried out by refineries on the basis of a license issued in accordance with the established procedure.

Activities for the manufacture of jewelry and other products from precious metals and precious stones are carried out on the basis of a notification procedure provided for by law.

Precious metals and precious stones are subject to mandatory accounting during extraction, production, use and sale.

This Law shall enter into force three months after the date of its official publication.