In an exclusive interview with Business Recorder here on Wednesday Muhammad Ahmad President Gold & Gems Art Promotion Council of Pakistan, and Regional Chairman FPCCI Standing Committee on Gems & Jewellery said that according to SRO 760 (i)/2013 the import of precious metals and export of jewellery has been restricted to the customs stations where the importer or exporter is registered with the TDAP. But there was no such restrictions in earlier SRO 266 (i)/2001.
He lamented that our export of gold Jewellery has stopped and India has captured all the international markets securing precious foreign exchange and increasing domestic market to $ 70 billion. The main problem facing by an exporter of gold jewellery is, 50 percent of the export proceeds shall be realized in the form of foreign exchange and the remaining 50 percent of the export proceeds may be realized in form of gold.
Cess @ 0.90 percent imposed by the Punjab government is also making it hard for our exporters to secure foreign orders, he added. The quantity of precious metals Imported under the entrustment scheme has been capped at 25 kg on revolving basis. Earlier there was no such restriction.
He said that it is our appeal that SRO 266 (i)/2001 should be revived in its original shape to support the exporters of gems and jewellery under exported rose to $ 1.3 billion. SRO 706 is only supporting a handful of people or lobby while SRO 266 supports Jewellery exporters at large.
Copyright Business Recorder, 2017