Jewellers demand govt to restore gold export
The Gems and Jewellers’ Association on Wednesday demanded the government to remove barriers of Trade Development Authority of Pakistan (TDAP) through Federal Ministry of Commerce in order to fulfil the already delayed foreign orders and commitments, reported 24NewsHD TV channel.
The Gems and Jewellers’ Association wrote a letter to Federal Secretary Trade and highlighted the challenges being faced by the industry.
It has been reported that export of gold from Pakistan has been suspended for last five months and now buyers from the UK and Middle Eastern countries have threatened to cancel deals as Trade Development Authority Wednesday refused to issue export licences to gold jewellers
Trade Development Authority already asked the jewellers to bring remittances of jewellery exported by February.
On the other hand, the State Bank of Pakistan has already extended export remittance by 90 days due to the coronavirus pandemic.
The sword of non-payment has been hanging over the jewellers who made advance gold lockers from the buyers, the association said.
The JGA said foreign buyers are now demanding the return of advances with fines. It said failure by the Trade Development Authority (TDAP) to comply with the SBP's 90-day wavier period, is discriminatory towards the jewellery industry.