Gold jewellery seeks reduction in ‘value addition norms’

ISLAMABAD: The gold jewellery sector has urged the Ministry of Commerce (MoC) to immediately notify the reduction in Value Addition Norms under SRO 760, warning that a six-month delay in implementing the decision is adversely affecting exports.

In a letter addressed to Joint Secretary-EXIM, Ministry of Commerce, Waqas Azeem, the sector representatives expressed concern that the decision recommended by the National Assembly Standing Committee on Commerce was still awaiting implementation.

They said the Standing Committee, after three months of deliberations, had recommended in its meeting held on February 23, 2026 that a consultative meeting be convened to reach an amicable decision on the issue.

Accordingly, a broad-based meeting was held on March 16, 2026 under the chairmanship of Special Secretary, Ministry of Commerce, Syed Hamid Ali.

It was attended by senior officials and representatives of the Ministry of Industries and Production, FBR, Pakistan Gems and Jewellery Development Company (PGJDC), State Bank of Pakistan (SBP) and Ministry of Commerce, besides private-sector representatives.

The letter said participants unanimously approved the proposal submitted by the private sector to reduce the Value Addition Norms.

The decision was subsequently conveyed to the Chairman of the Standing Committee, who desired its implementation.

However, at its meeting on July 3, 2026, the Standing Committee expressed displeasure over the non-implementation of the earlier decision and advised the ministry to issue the notification at the earliest.

The matter was subsequently assigned to Joint Secretary-EXIM Waqas Azeem for expediting the notification. However, the sector representatives said they were surprised to learn that the decision was still required to undergo another approval process involving a committee comprising representatives of the SBP and FBR.

“It is now the sixth month running for implementation of this crucial decision,” the letter said, adding that the continued delay was negatively affecting the export performance of the gold jewellery sector,” said Arif Patel.

The representatives urged the Ministry of Commerce to give the matter immediate attention and issue the notification without further delay, saying prompt implementation would help address the difficulties being faced by the sector.

Copyright Business Recorder, 2026