Indian Company Targets Uzbekistan’s Jewelry Sector
Indian jewelry manufacturer Goldstar Group is planning to establish a production facility in Uzbekistan, The Caspian Post reports, citing Uzbekzargarsanoati Association.
Earlier this week, a delegation from the company visited the FONON jewelry factory in Tashkent. Discussions were attended by the Chairman of the Uzbekzargarsanoati Association, Nodir Mirakhmedov, Uchtepa District Khokim Bunyod Mamadzhanov, and representatives of Gold Moon Tashkent and Global Universal Servis.
During the meeting, the participants discussed the development of Uzbekistan’s jewelry industry, the implementation of investment projects, the introduction of advanced technologies, and opportunities to expand export activities. The parties also reviewed a draft trilateral memorandum that provides for the establishment of a new production facility and the creation of new jobs.
Goldstar Group presented its proposal to build a jewelry manufacturing plant with an annual production capacity of up to 10 tons. Preliminary estimates place the value of the investment at approximately $20 million.
The planned facility is expected to employ more than 100 people, with over 70% of the workforce consisting of local specialists.
According to the Uzbekzargarsanoati Association, the project is expected to contribute to the modernization of the country’s jewelry industry through the introduction of new technologies while also strengthening the sector’s export potential.
