Uzbekistan streamlines jewelry export process
New Decree in Uzbekistan Simplifies Sale of Jewelry
Uzbekistan has taken a step towards simplifying the sale of jewelry with a new decree signed by President Shavkat Mirziyoyev. The decree, aimed at making the process more convenient for individuals, raises the limit on the value of jewelry that can be exported without declaration.
Previously, individuals were allowed to export jewelry without declaring it if its value did not exceed $5,000 (equivalent to 61.17 million soums at the CB exchange rate). However, with the new decree, this limit has been significantly increased to 100 million soums.
The move is expected to encourage and facilitate the export of jewelry from the country. Individuals will only need to fill out a declaration if they are exporting jewelry worth over 100 million soums. This means that a majority of individuals exporting jewelry will no longer have to go through the declaration process.
This is not the first time the government has made changes to the regulations surrounding jewelry export. Last November, President Mirziyoyev ordered that the maximum amount individuals can export without declaration be doubled to $10,000. These consecutive changes indicate the government’s commitment to promoting the growth and development of the jewelry market in Uzbekistan.
Furthermore, the new decree also simplifies the export process for individual entrepreneurs who are jewelers. If they have a completed declaration, they are now allowed to export jewelry for sale abroad without registering it in the unified electronic system of foreign trade transactions.
This measure aims to reduce administrative burden and streamline the export process for jewelers. It recognizes the important role of individual entrepreneurs in the development of the jewelry industry and provides them with more flexibility in conducting their business.
The previous decree on the liberalization of the jewelry market was signed in February 2021. This decree allowed jewelers to sell their products online and introduced changes to the procedure for checking clients. The government’s continuous efforts to update regulations and adapt to the evolving needs of the industry demonstrate its commitment to creating a favorable environment for the jewelry market in Uzbekistan.
With these new measures in place, it is expected that the sale of jewelry in Uzbekistan will become more convenient and accessible, benefiting both consumers and businesses in the industry. The increased threshold for jewelry export without declaration and simplified procedures for individual entrepreneurs are likely to stimulate growth and encourage investment in the jewelry sector.
