DUSHANBE, March 13, Asia-Plus - Tajik-Russian joint venture Almaz-Asia dealing with production of jewelries has operated in Tajikistan since March 1, 2007, the JV director general Abdulmajid Saidov said.

According to him, the joint venture was launched by a group of Tajik entrepreneurs and Russia’s Almaz Holding.  “Tajik and Russian sides share equal ownership interest in the company – 50 percent each,” Saidov said, noting that the enterprise will use primarily domestic raw materials (gold and silver) to produce jewelries. 

Saidov said that the enterprise’s output will be quite competitive and intended for domestic market product.

He added that the company has not yet determined it price policy.  “Everything depends on the taxation system that is imposed on jewelry producers, and which is quite disputable,” Saidov said.  

“The JV is expected to process up to 50 kilograms of gold per year,” said the enterprise director general, “We have already reached an agreement with the joint-stock company Aprelevka engaged in mining and processing of gold in northern Tajikistan on purchasing gold from it at world prices.”  “If demand for our product increases we will conclude contracts with other gold-mining companies active in Tajikistan as well.”  

Almaz Holding is a shareholder in Russia ’ s largest jewelry plants.  Its president Flun Gumerov is at the same time the general director of the Krasnoselsky Jewelry Factory, with 1,300 employees.  Its core business is manufacture of jewelry made of 14 ct and 18 ct gold of different colors, of platinum and high-carat silver.  Almaz Holding has more that 80 stores in various regions of Russia.