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Lack of PayPal account in Pakistan main hurdle in export of gems stone

Lack of PayPal account in Pakistan main hurdle in export of gems stone

PESHAWAR: The exporters associated with gems stone trading have expressed concern over the lack of agreement of Pakistan Telecommunication Authority (PTA) with international online PayPal account, which is major hurdle in the online export of precious stones to Europe and United States as the international trader mostly trust on PayPal to pay the money and receive the item through this account.

Due to abundance supply of gems stone to local market from different parts of the country, the gems stone business between the local and international customers is getting momentum in Peshawar but due to lack Pakistan agreement with international PayPal account there is numerous difficulties to further promote this business via Internet.

The PayPal account is mediator and guarantor between the dealer and customer which ensure provision of money and export of gems stone to international partner. But when a person making this account and mark country of residence, it does not show those countries which are not members of PayPal account.

Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies.

One of the gems stone businessmen Muhammad Noman told Customs Today that precious stones are being sold in Peshawar through online system but unfortunately Pakistan is not member country of the PayPal account holder states.

Malak Farukh Senior Vice President of Gems Stone Dealers Association said that they are facing numerous difficulties due to lack of agreement of Pakistan with PayPal money transferring company like western union. He said that they are relying on some third party account in other countries which could not be trusted any time.

He said that it is domain of Pakistan telecommunications Authority to register itself with international PayPal account. This will not only promote the gems stone export of the country but will also ease the work of gems stone dealers at international level.

Farukh maintained that though Pakistan Tehreek-e-insaf government hasd promised to double the export of the country, but so far no practical step was taken to encourage exporters and provide them basic facilities of exporting gems stone to international market.

Salman another Peshawar based dealers of gems stone told Customs Today that they have less numbers of local customers and mostly they depending on international customers who better knows about the value of precious stones.

He added that government should focus to resolve issues of gems stones exporters. He said that PayPal account is need modern world and without this account there are multiple problems for gems stone exporters in the online marketing.

The traders unanimously demanded of Prime Minister Imran Khan to issue directives to Pakistan Telecommunication Authority and Ministry of Information Technology to ensure to register the country with international PayPal account to ease the business of the gems stone dealer.

It is to mention here that Pakistan is important destination for international market to export gems stone from various parts of the country as there are huge reservoirs of gems stones in Swat, Katlang, Mohmand and Waziristan district and despite of ban on exploration local people manage to bring some precious stones to Peshawar market for sale.

There is urgent need of large scale exploration and excavation to search out more types of these precious stones for export.  The government lethargic attitude and slow process of lease is one of the impediments in the smooth supply of gems stone to international markets which may earn billion of dollars for national exchequer.

The rough stone from mountainous areas of Khyber Pakhtunkhwa and northern area comes to local markets in Namak Mandi Peshawar, where gems stone experts refine it to make it more precious for market value.