Tashkent, Uzbekistan (UzDaily.com) -- Individuals will be allowed to export jewelry worth up to US$10,000 (currently US$5,000) from Uzbekistan. This was stated by the President of Uzbekistan Shavkat Mirziyoyev.

President of Uzbekistan Shavkat Mirziyoyev held a meeting on the development of local industry.

During the meeting, it was noted that the volume of the domestic jewelry market is estimated at US$300 million. The President believes that local jewelers can satisfy such demand.

The President said that from 1 December, all banks and the Export Promotion Agency will begin to provide jewelers with guarantees for deferred payment (deferred payment) for gold and silver. Guarantees can be obtained by both companies and individual entrepreneurs.

From 1 December, precious and decorative stones used by jewelers will be exempted from customs duties. The head of Uzbekistan also noted that the license for import and export of raw materials would be canceled for jewelers and they would be exempted from duties on the import of precious stones.

President of Uzbekistan instructed the khokims of the regions to launch jewelry trade and production complexes in Samarkand, Bukhara and Kokand.