Civil-Law Regulation of the Circulation of Precious Metals and Gemstones, Issues of Their Processing, and Prospects for the Development of the Industry in Uzbekistan

Abstract

This article examines the civil-law regulation of relations connected with the circulation of precious metals and precious stones, contractual mechanisms governing their extraction, processing, supply, and sale, as well as the prospects for further development of this sector in Uzbekistan. The study analyzes international legal doctrines, including the Regalian Right (Jus Regale), the Doctrine of State Ownership, Responsible Sourcing, State Pre-Emptive Rights, and the Traceability Doctrine, which play a significant role in regulating ownership, control, and lawful circulation of natural resources. Special attention is given to international initiatives and standards such as the Kimberley Process, LBMA standards, the Dodd-Frank Act, and OECD recommendations. The article also explores the role of digital technologies, particularly blockchain systems and smart contracts, in ensuring transparency, traceability, and legal security in transactions involving precious stones and metals. The national legislation of Uzbekistan is examined in the context of ongoing reforms aimed at liberalizing the sector, strengthening state control, introducing international standards, and enhancing integration into global mineral supply chains. The author concludes that improving contractual regulation, refining activities, digital monitoring systems, and harmonization with international legal standards are essential for ensuring sustainable development, investment attractiveness, and effective protection of participants’ rights in the precious metals and stones market