Kyrgyzstan Approves Framework For Selling Precious Metals To Local Jewelers

(MENAFN- Trend News Agency) BISHKEK, Kyrgyzstan, March 18. The Cabinet of Ministers of Kyrgyzstan has approved the procedure for the sale of precious metals to domestic jewelry manufacturers, Trend reports via the press service of the Cabinet of Ministers.

The corresponding resolution was signed by the Chairman of the Cabinet of Ministers and the Head of the Presidential Administration of Kyrgyzstan, Adylbek Kasymaliev.

This decision was made to bring Kyrgyzstan's legislation regulating operations involving precious metals and gemstones in line with the Law of the Kyrgyz Republic "On Precious Metals and Precious Stones" and the Presidential Decree "On Measures to Support Certain Sectors of the Economy."

Additionally, the resolution grants jewelry manufacturers the right to purchase precious metals and gemstones acquired by the Cabinet of Ministers through a priority purchase scheme, thereby ensuring a steady supply of raw materials for the country's jewelry production, in accordance with procedures established by the Cabinet.

The resolution further stipulates that the sale of precious metals to domestic jewelry manufacturers will be conducted at a 2 percent discount from the London Bullion Market fixing price.

Collection points and pawnshops involved in the handling of precious metals and gemstones are authorized to sell jewelry and other products, as well as scrap precious metals and gemstones, to the designated state body responsible for managing state policy regarding the circulation and accounting of such materials. However, the sale of finished jewelry items remains excluded from this provision.

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