Tashkent-based Fonon jewelry factory is up for sale for 316.7 billion soums.

The Fonon jewelry factory, located in Tashkent, is up for sale with a starting price of 316.7 billion soums.

The State Assets Management Agency has announced an open auction for the sale of the 100% state-owned stake in Gold Moon Tashkent, which owns the Fonon jewelry factory in the capital. According to information from the E-auksion platform, the starting price is set at 316.67 billion soums.

The auction is scheduled for September 28, beginning at 10:00 AM. Applications will be accepted until 9:00 AM that day. The auction will be conducted on an ascending price basis.

According to the Unified State Register of Enterprises and Organizations, Gold Moon Tashkent was registered in August 2019, specializing in jewelry production. The Fonon plant is located at 50 Malaya Koltsevaya Doroha Street, Chilanzar District, Tashkent. The facility is located opposite the campus of the Uzbek State University of World Languages and near the Farhad Bazaar.

The E-auksion announcement states that Gold Moon Tashkent owns buildings and structures. However, the company's real estate is subject to restrictions imposed by a commercial bank.

The buyer is offered the option of payment in installments. Since the asset's value exceeds 20,000 base units, the law allows for payment within a maximum of 36 months from the date of the purchase agreement.

If the down payment for a state asset purchased in installments is less than 35%, interest will accrue on the remaining amount at the Central Bank rate. With a one-time payment of at least 35% of the purchase price, the acquired state asset can be used as collateral for a loan.

If the purchase price is paid in full within one month of the contract's conclusion, the buyer is also entitled to a discount calculated based on the Central Bank's annual interest rate. This discount does not apply if the state asset was sold after the initial price was reduced.

**Indicators**

According to data published in the asset profile on E-auksion, Gold Moon Tashkent employs 309 people. The company's authorized capital is 444.5 billion soums.

The company owns a 2.56-hectare land plot and a complex of buildings and structures with a total area of 11,370 square meters. The company is provided with all necessary utilities.

At the end of 2025, Gold Moon Tashkent's revenue amounted to 413.8 billion soums, slightly less than 417.9 billion soums the previous year. Moreover, the company ended the year with a loss for the second consecutive year: net loss decreased from 12.3 billion soums in 2024 to 7.8 billion soums in 2025.

In the first half of 2026, the company earned 281.9 billion soums in revenue and, for the first time in the period, achieved a profit of 33.4 billion soums.

By mid-2026, Gold Moon Tashkent's assets were valued at 443 billion soums, and liabilities at 550.3 billion soums. Therefore, the company's net assets remained negative, amounting to minus 107.3 billion soums. For comparison, at the end of 2025, negative net assets reached 140.8 billion soums. Accounts receivable as of mid-2026 amounted to 13.2 billion soums, compared to 11.5 billion soums by the end of 2025.

Gazeta previously reported that in January 2021, the Gold Moon Tashkent jewelry factory was opened on the premises of the former Fonon research and production enterprise in the Chilanzar district of Tashkent. The project cost was estimated at approximately $21 million, with a production capacity of 6 tons of jewelry per year. The company purchased gold and silver from the Altai Mining and Metallurgical Combine (AMMC) and the Navoi Mining and Metallurgical Combine (NMMC) through the commodity exchange, and the project was financed through bank loans.

At the time of its launch, the sole founder of Gold Moon Tashkent, according to the Unified State Register of Enterprises and Organizations (EGRPO), was the Tashkent City Hall (it remained the founder until at least June 5, 2025). The application to register the Fonon trademark was submitted by a private company, Technology Development, founded in 2018. Its sole founder was Dilmurod Rasulov, and the company's email address was registered to the Artel Group domain. Technology Development's head, Bekhzod Khodjaev, previously worked as a consultant at Artel Engineering.