The federal government is all set to form the National Gems & Jewellery Authority to cater to the export-related issues of the jewellers and boost the sale of Pakistan’s gold, gold ornaments and precious stones at international markets whereas the authority’s inauguration will be announced soon.
This was announced by Gems and Jewellery Task Force Chairman Engineer, Gul Asghar Khan, during a meeting in Islamabad that included a 15-member delegation of the Gold and Gems Art Promotion Council Pakistan (GGAPCP) and Lahore Division Sarafa and Jewellers Association (LDS&JA).
The association’s chairman claimed that Pakistan had the capacity to export precious gems worth $13 billion annually.
He informed that the government was starting a new initiative, in all major cities of the country, to establish ‘Jewelers Towers’ under private-public partnership (PPP) mode. The towers will include display centres, training centres, jeweller shops and manufacturing facilities businessmen related to the trade.
Moreover, the government will give a 10 year tax exemption to jewellers and will not ask for the source of investment from the constructor.
The meeting was also informed that there are talks about setting up of ‘Gold Bank’, where people will be able to deposit their ornaments and get profit in return in the shape of gold.
It may be noted that around 200 tonnes of gold business is done in Pakistan every year while 100 tonnes of gold is recycled.
