Uzbek Government Lists State-Owned Gold Moon Jewelry Plant for Sale at 316.7 Billion UZS

The Uzbek government has announced the sale of its entire 100% stake in Gold Moon Tashkent, the state-owned company operating the Fonon jewelry plant, with a starting price set at 316.7 billion Uzbek soms (UZS). The auction, scheduled for September 28, marks a significant move in the country's efforts to privatize key industrial assets and attract private capital into traditional manufacturing sectors.

Financial Performance and Asset Overview

Gold Moon Tashkent showed signs of financial improvement in recent years. After years of losses, the company reported a net profit of 33.4 billion UZS in the first half of 2026. Despite this turnaround, the firm's financial position remains precarious. As of July 1, 2026, the company's assets were valued at 443 billion UZS against liabilities of 550.3 billion UZS, resulting in negative net assets of approximately 107.3 billion UZS.

For comparison, by the end of 2025, net liabilities stood at 140.8 billion UZS, indicating a partial recovery but still a debt-heavy balance sheet. The buyer will assume all creditor obligations, including a substantial 305.9 billion UZS in creditor debt and 13.2 billion UZS in debtor obligations.

The company owns land spanning 2.56 hectares in Chilanzar district of Tashkent and facilities totaling 11,370 square meters. The book value of fixed assets is 110.7 billion UZS with a depreciation rate of approximately 33.2%.

“While Gold Moon Tashkent’s recent profitability is promising, the ongoing liabilities highlight challenges ahead for potential investors.”

Implications for Startups and Venture Capital in Uzbekistan

The auction presents a unique opportunity within Uzbekistan’s evolving investment ecosystem. Although primarily a manufacturing asset, the privatization of Gold Moon Tashkent could catalyze innovation and modernization in the traditional jewelry sector.

For venture capitalists and startups, this sale signals the government's willingness to open legacy industrial sectors to private investment. Potential buyers might explore integrating tech-driven solutions—such as digital supply chain management, blockchain-based authentication for precious metals, or e-commerce strategies—to revamp the company’s operations and expand market reach.

Moreover, the option to pay over 36 months with interest pegged to the Central Bank’s base rate may attract investors interested in phased capital deployment. However, the absence of mandated social or investment obligations—such as workforce retention or additional capital injection—means new owners have flexibility but also bear all risks in revitalizing the company.

Interestingly, the auction pertains strictly to the company owning the production facilities and excludes affiliated retail businesses or trademarks linked to the Fonon brand, which remain outside the scope of sale. This separation could enable new entrants to innovate without legacy brand constraints.

Given the growing interest in Uzbekistan's startup ecosystem, this privatization could encourage synergies between industrial manufacturing and emerging technology ventures, promoting a hybrid model that blends heritage craftsmanship with cutting-edge innovation.

Ultimately, the sale of Gold Moon Tashkent underscores a transitional phase in Uzbekistan’s economic landscape, offering venture capitalists and startup founders a chance to explore untapped opportunities in established sectors ripe for digital transformation and operational optimization.