Work hard and you will find success

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Pakistan's Roadmap to Clear the Way for Easy Gem, Jewelry Exports

10 january 2014

Pakistan's Federal Board of Revenue (FBR) directed the Collectors of Customs to provide hassle-free clearance for export consignments of gems and jewelry in order to promote the country's emerging jewelry industry, Rapaport reported citing the Business Recorder.
Sources said that the decision was reached during a meeting of the committee to formulate this new strategy for promoting gems and jewelry exports at the Ministry of Industries. The CEO of Pakistan Gems and Jewellery Development Company (PGJDC) briefed the committee on the proposed strategy. His team gave a presentation highlighting the roadmap of PGJDC which proposes fiscal and policy rationalization; a marketing promotion plan; financing and revolving funds; strengthening mining clusters and special industrial parks.
PGJDC stated that to achieve its targets, it needs support and intervention by FBR and Ministries of Commerce, Finance and Industries and Production. The Ministry of Commerce shall review/consider the issues of importing jewelry manufacturing machinery, equipment, tools and consumables under the SRO 575(1)/2006 rules. The condition of attestation/notarization of the contract signed between exporter and importer under entrustment scheme as mentioned in SRO 760 (1)/2013 could also be revised. In order to encourage exports,  rebates may be considered -- in line with the other export sectors. The Pakistan Reinsurance Corporation and National Insurance Corporation Limited will be advised to handle insurance of gems and jewelry.
To facilitate small and medium enterprises in the gems sector,  PGJDC shall submit a detailed plan for the proposed seed funds with initial amount of $8.5 million (PKR 900 million). The proposed plan will be forwarded to Ministry of Finance for consideration, sources said.
Other proposals include withholding gold tax or reducing it to 1 percent, and reducing  the rate of advance income tax on pearls, synthetic stones, precious/semi-precious stones and diamonds from 5 percent to 1 percent. The PGJDC will prepare marketing and promotional plans and submit them to the Ministry of Industries & Production in order to secure funding from the Export Development Fund at the Ministry of Commerce.
It was agreed that the Ministry of Commerce would consider zero-rated imports for jewelry and gem machinery.