DUSHANBE, February 4, 2011, Asia-Plus — The Ministry of Energy and Industries (MoEI) plans to apply to the government for canceling excise tax for domestic jewelry producers.
The source at a MoEI says current rate of excise tax on jewelry both for foreign and domestic producers is 5 percent.
“Taking into account that the country’s jewelry market is oversaturated with imported cheap and quite often low-quality goods, primarily from Turkey and Dubai (United Arab Emirates), the excise tax has put domestic jewelry producers at a disadvantage,” said the source, “We consider that domestic jewelry producers must be given benefits for development of the domestic jewelry industry and control over import of jewelry from other countries must be tightened.”
According to him, imported low-quality jewelry wares now account for 95 percent of jewelry wares being sold in Tajikistan.
Five jewelry producers now operate in Tajikistan; they produce custom-made jewelry wares. Vostokredmet (Oriental Industrial Complex of Rare Metals) is Tajikistan’s largest jewelry producer. The enterprise has produced 100- and 200-gram gold bars since 2010.
Last year, Tajikistan produced 2,050 kilograms of gold, which is 690 kilograms more than in 2009. 1,791 kilograms of gold produced last were realized inside the country: the Ministry of Finance bought 366.5 kilograms; the National Bank of Tajikistan (NBT) bought 862.3 kilograms; and jewelry enterprises bought only 10.6 kilograms. The remainder was realized outside the country.
