Between 1995 and 2006, the Muruntau gold mining and processing operation was run by the Zarafshan-Newmont Joint Venture, a foreign direct investment by Newmont Mining Corporation of Denver, Colorado (at the time the largest U.S. investor in Uzbekistan - it was also the first major Western investment in the region since the breakup of the Soviet Union).

The city is situated in the central part of the Kyzylkum Desert, located 30 kilometers away from the largest gold deposit in the republic, "Muruntau".

In 2020 it was the largest gold mine in the world[5][6] The city boasts a unique water supply system sourced from the Amu Darya River (with approximately 250 kilometers of pipes under constant control).

It includes 12 residential micro-districts with improved architectural planning from the Soviet era, two micro-districts under construction, cultural facilities (cultural centers, creative hubs), sports amenities (stadium, swimming pool, gyms, and sports complexes), commercial areas (shops, markets, shopping centers), healthcare institutions, and various other public facilities.

Zarafshon has been the venue for numerous sports competitions, including the Asian Powerlifting Championship in 2004, an international sailing tournament among CIS countries, and many other events.

The football club "FC Qizilqum" has been competing in the Uzbekistan Super League since 2000, with its highest achievement being a 3rd place finish in the 2002 season.