GOLD NEWS

Malaysia's Public Gold Group to investigate gold processing and jewellery manufacturing opportunities in Uzbekistan

Fri June 28 2024

Malaysia's Public Gold Group has shown interest in gold processing and jewellery manufacturing in Uzbekistan, the Dunyo Information Agency reports. The company is also exploring the possibility of establishing jewellery retail outlets in key cities within Uzbekistan. A delegation from Public Gold Group is expected to visit the country in July to further investigate these opportunities.

Earlier, Daryo reported that Uzbekistan has implemented a value-added tax (VAT) exemption on the import of precious stones used in jewellery production. This tax exemption, effective from January 1, 2024, to January 1, 2027, is part of a regulatory framework amendment signed by the Uzbek president. This measure aims to boost the local jewellery industry and promote its development.

Uzbekistan has positioned itself as a significant contributor to the global gold market, producing 100 tonnes of gold out of a total global production of over 3,000 tonnes in 2023, according to data from the US Geological Survey (USGS). This substantial output highlights Uzbekistan's potential in both the gold production and jewellery manufacturing sectors.

Source: https://daryo.uz