Pakistan’s gold jewellery exporters have urged the government to replace the gold price-linked export rule, arguing that it has become unworkable as bullion prices continue to climb worldwide.
In a letter to senior government officials, exporters said the government has yet to implement a new reform. Pakistan’s jewellery exports have remained stuck at $20-30 million annually, while countries such as India export around $40 billion worth of jewellery, largely due to more business-friendly policies.
At the centre of the dispute is SRO 760(I)/2013, which requires exporters to meet value addition targets calculated as a percentage of the value of gold. Exporters said the formula has become unrealistic.
The industry has proposed replacing the percentage-based formula with fixed per-gram value addition rates for different jewellery categories.
The Pakistan Gems and Jewellery Council and the State Bank of Pakistan have reportedly supported the proposal.
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