The Federal Board of Revenue has directed the Collectors of Customs to provide hassle-free customs clearance of export consignments of gems and jewellery for promoting the exports of precious stones and metals.
Sources said that a meeting of the committee to formulate strategy for promotion exports of gems & jewellery was recently held at the Ministry of Industries.
Chief Executive Officer, Pakistan Gems and Jewellery Development Company (PGJDC) briefed the committee on the proposed strategy. The CEO, PGJDC and his team gave a presentation highlighting the roadmap of PGJDC whereby following interventions by the federal Government were proposed: fiscal and policy rationalization; Marketing Promotion Plan; Financing and Revolving Funds; Strengthening Mining clusters and Special Industrial Parks.
After the presentation, the authorities enquired of the CEO, PGJDC to highlight specific issues which PGJDC desires to place before the committee. The CEO, PGJDC stated that to achieve the targets, PGJDC needs support and intervention by FBR and Ministries of Commerce, Finance and Industries & Production.
Referring to the issues of Commerce Ministry, sources said that the Ministry of Commerce shall be contacted to review/consider the issues that is import of jewellery manufacturing machinery, equipment, tools and consumables shall be included in SRO 575(1)/2006. The condition of attestation/notarisation of the contract signed between exporter and importer under entrustment scheme as mentioned in SRO 760 (1)/2013 shall be revisited.
To facilitate the SMEs of the Gems and Jewellery sector, the management of PGJDC shall submit a detailed plan for the proposed revolving seed fund with initial amount of Rs 900 Million. The proposed plan will be forwarded to Ministry of Finance for consideration, sources said.
It was agreed that the Ministry of Commerce would consider zero-rated import of machinery related to jewellery sector in line with gemstone and processing machines.