The Directorate General Customs Valuation (DGCV) has increased the customs values of artificial jewellery after four years. According to the customs officials, the customs values of artificial jewellery, which were determined under valuation ruling 484 issued in 2012, has now been revised here on Wednesday.
Officials said the department had requested to the stakeholders to submit relevant documents in order customs values of artificial jewellery had been increased in consultation with the stakeholders to revise the same according to trends prevailing in the current international market.
However, the requisite documents were not submitted by the importers. They said that the first two meetings were postponed on the request of the importers. The representative of the importers appeared for meeting on December 27, 2016, had submitted that the market inquiry should be conducted from whole sale markets in Karachi and Lahore. As per the request made by the importers during meeting, the market inquiry was conducted at Lahore and Karachi.
Later, it was decided that the values for sea route will be specified in the valuation ruling and the air freight component will be made by the clearance Collectorates as per actual air freight paid. They said that assorted/designer wear would not be included in the said valuation ruling as it would be assessed under section 25 of the Customs Act, 1969.
The artificial imitation jewellery electroplated white/yellow without stones/beads from China would be assessed at US $4.0 while other origins would be cleared at US $4.6. Similarly, electroplated white/yellow with plastic and glass stones/beads from China at US $5.0 while others at US $5.8 and fancy electroplated white/yellow, with crystal glass stone beads from China would now cleared at US $10.25 and other origins at US $17.0.
In cases where declared/transaction values are higher than the customs values determined in this ruling, the assessing officers shall apply those values in terms of Section 25 of the Customs Act, 1969. In case of consignments imported by air, the assessing officer shall take into account the air freight while applying the customs values determined in this ruling, they added.