Uzbek State-Owned Jeweler Gold Moon Tashkent Listed for Sale at UZS 316.7 Billion

The Uzbek government has put up for auction its entire 100% stake in Gold Moon Tashkent, the owner of the Fonon jewelry factory, with a starting price of 316.7 billion Uzbek soms (UZS). The auction is scheduled to begin on September 28, with participant registration closing by 9:00 AM on the same day.

Financial Position and Auction Details

Gold Moon Tashkent reported a net profit of UZS 33.4 billion in the first half of 2026, marking a turnaround from losses in previous years. Despite this, the company's liabilities exceed its assets by UZS 107.3 billion as of July 1, 2026. Total assets stand at UZS 443 billion, while liabilities amount to UZS 550.3 billion, indicating ongoing financial challenges.

The company’s creditor debt totals UZS 305.9 billion, which a buyer would assume along with the equity stake. Debtor obligations amount to UZS 13.2 billion. Additionally, the company's real estate assets — comprising 11,370 square meters of buildings and structures on 2.56 hectares in Tashkent’s Chilonzor district — have been encumbered by a lien placed by a commercial bank, although details remain undisclosed.

"A buyer will acquire Gold Moon Tashkent along with all creditor and debtor obligations, reflecting the need to carefully assess debt risks before participation."

Participation requires a deposit of UZS 9.5 billion, and bidding will advance in increments of at least 5% (UZS 15.8 billion) above the starting price. The payment terms allow the buyer to pay over up to 36 months, with at least a 35% down payment; the remaining balance incurs interest at the Central Bank's key rate.

Operational and Market Implications

Gold Moon’s revenue decreased slightly by 1% year-on-year to UZS 413.8 billion in 2025. The net loss improved, narrowing from UZS 12.3 billion in 2024 to UZS 7.8 billion in 2025. The partial recovery in profitability may be encouraging for investors, yet the negative net asset value signals continued financial vulnerability.

The auction does not impose specific obligations on the buyer to invest additional capital or to maintain or create employment, leaving future operational strategies open. Staff numbers reported vary between official documents, ranging from 309 to 459 employees, adding uncertainty regarding workforce scale.

Established in 2021 on the basis of its predecessor entity, the Fonon jewelry factory’s project was initially valued at about $21 million with an annual production capacity of six tons of jewelry. However, the sale concerns only the Gold Moon Tashkent company’s state stake and assets; the Fonon brand and its retail chain operated by 'Empire Jewelry' LLC are excluded from the transaction.

Market Reactions and Investor Considerations

The sale of Gold Moon Tashkent, a significant state-owned player in Uzbekistan's jewelry sector, introduces both risk and opportunity for investors. The considerable debt burden and encumbrances on assets necessitate diligent due diligence. However, the improving profitability trend and state facilitation of payment terms may attract strategic investors willing to restructure and revitalize operations.

For equity and bond markets, this privatization move could signal Uzbekistan’s ongoing efforts to reduce state holdings in non-core sectors and to encourage private sector participation. Yet, given the company’s financial constraints, investor appetite may be cautious, awaiting clearer restructuring plans and market signals.