Islamabad Exempts Pearls from Customs Duty

ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday announced exemption from customs duty for the import of natural pearls and precious stones or semi-precious stones to facilitate jewellery exports from the country.

To promote gems and jewellery sector, the Cabinet in Trade Policy 2008, approved waiver of customs duties and sales tax on import of Gold, Diamonds, Silver, Platinum, Palladium and precious stones. The waiver was not extended to pearls and other synthetic or reconstructed precious or semi-precious stones though these are increasingly being used in jewellery production. Further, FBR did not comprehensively implement the decision. Trade Policy had proposed to exempt natural pearls and other synthetic or reconstructed precious or semi precious stones from customs duty and sales tax.

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