The government has declared gems and jewellery sector as an industry which would make easy access to credit and advantage in utility rates and taxes. Announcing the Trade Policy 2005-06 here, on Thursday, Commerce Minister Humayun Akhtar said that a package would be provided for gems and jewellery sector, while re-export of jewellery made from imported gold will be allowed within 180 days.
Earlier, exporters were required to export jewellery made from imported gold within a period of 90 days. This time the limit has now been extended to 180 days. Similarly, remittance of proceeds from export of jewellery were required to be received within 120 days. The limit has now been enhanced to 240 days.
Humayun said that the valuation committee, which was functioning for the clearance of gems and jewellery before export, has been abolished.
He said a scheme in consultation with the State Bank, Pakistan Bankers Associations, commercial banks and jewellery exporters was being developed whereby exporters will import gold by utilising financing from private banks under a collateral arrangement acceptable to the commercial banks and jewellery exporters. Non-availability of running finance has been a major problem in the growth of this industry.