Measures for the further development of the jewelry industry approved in Uzbekistan
Tashkent, Uzbekistan (UzDaily.com) - The Fund for Reconstruction and Development of Uzbekistan (FRDU) will direct US$30 million to the National Bank of Uzbekistan to allocate microcredits to jewelry manufacturers for the purchase of equipment, spare parts and raw materials.
This is provided by the decree of the President of Uzbekistan "On measures to create favorable conditions for the further development of the jewelry industry."
The document notes that within the framework of the state order for the production of precious metals, NMMC and AGMK sell precious metals to jewelry manufacturers in the form of raw materials without the right of resale on the basis of a direct contract or through a commodity exchange with a 15% prepayment of the cost and a condition of deferred payment for 180 days.
For the purchase of precious metals on the basis of a direct agreement, jewelry manufacturers contact NGMK and AGMK indicating the need for precious metals.
In order to guarantee payment for precious metals purchased through the stock exchange with the condition of a deferred payment for 180 days, jewelry manufacturers, in agreement with NGMK and AGMK, provide a guarantee from the National Bank.
The National Bank of Uzbekistan provides a bank guarantee for precious metals sold through the exchange with a deferred payment for 180 days, in the amount of up to 85% (inclusive) of the contract amount with a commission of up to 2% per annum.
Settlements with NGMK and AGMK for precious metals sold are made based on the morning fixing price of the London Precious Metals Exchange and the Central Bank rate on the day of payment.
The document notes that pearls, diamonds and precious metals are not subject to import customs duties.
The President authorized the application of the hallmark and personal hallmark of the manufacturer by mechanical (shock) or laser methods. In this case, the manufacturer is responsible for confirming the authenticity of the personal mark applied to jewelry by laser methods;
The method of branding jewelry with the assay mark and the personal brand of the manufacturer is determined by the jewelry manufacturers independently.
Legal entities licensed to carry out refining activities are allowed to sell measured ingots of their own production to individuals and legal entities. At the same time, the cost of selling bullion is set by manufacturers independently in the amount of not less than the price of the morning fixing of the London Precious Metals Exchange and the rate of the Central Bank on the day of settlement.
The head of Uzbekistan allowed the sale of jewelry made of precious metals and precious (semi-precious) stones in the domestic and foreign markets through e-commerce.
Verification of the client, his representative and the beneficial owner by persons carrying out operations related to precious metals and precious stones is not required in cases of mutual settlement:
in cash, if the total amount of the transaction does not exceed 600 BRV;
in non-cash form or by means of plastic cards nat. persons regardless of the total amount of the transaction.
At the same time, if there are reasonable suspicions of involvement in money laundering and terrorist financing, it is necessary to take measures to verify the client, his representative and beneficial owner, regardless of the amount of the transaction and the form of payment.
The President instructed the FRDU to send US$30 million in equivalent to the National Bank for a period of 7 years, including a three-year grace period with an interest rate 4 points lower than the main rate of the Central Bank.
The National Bank from these funds provides microcredits to jewelry manufacturers for the purchase of equipment, spare parts and raw materials in the amount of up to 300 million soums for 3 years, including a grace period of up to 6 months on the basis of a guarantee of the fund for supporting entrepreneurship and other types of security.