Pakistan has been the home to many precious gemstones and minerals for centuries. Its history links to Indian kings and civilizations that held a deep love for stones. Some of the gem minerals found in Pakistan are aquamarine, topaz, peridot, emerald, ruby, and other rare earth minerals.
Pakistan is the land of beautiful mines and mountains that have been the secret behind their stunning landscapes and cherished gemstones. Before the invasion, Karachi, the only port city in Pakistan, held the position of the biggest gemstone market and now plays a significant role in its exports.
The value of exports of precious gemstones in Pakistan amounted to around 6.98 million U.S. dollars. The U.S. and Europe remain the biggest exporters of Pakistan’s gemstones to date. Along with this, Pakistan mostly exports its gemstones and minerals in the form of beautiful jewelry.
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An Ultimate Guide To Start Exporting Gemstones From Pakistan
Exporting is an extensive task to perform and requires several documentation and rigorous checking. Before you start preparing for your export business, here are some steps that you should note. These are:
Step #1: Conduct Research
The first step that you need to start your export business is to perform extensive research about your targeted audience and market. Consider in detail the kind of information you need before starting your business there. Some important aspects that you will need to look into are:
- The language that your targeted audience speaks.
- The market trends for that specific audience base.
- What kind of marketing modes do they prefer?
- The price and quality standards they have and prefer?
- The interests, behaviors, and values that they hold.
- The quantity of products they prefer to buy?
- Are they open to foreign businesses and trade?
All this type of information is important to analyze the kind of market you are stepping in before starting your business. You must understand and prepare documentation that ensures the quality and security standards of the country you are planning to step into.
Step #2: Documentation
There are many legal requirements that you must adhere to and incorporate in your business for it to expand its operations in your required country. These are important rules and regulations that need to be followed accordingly by every country. Some of them are:
Registration with Export Promotion Bureau (EPB)- You will also need to register your business and operations with the Export Promotion Bureau which passes all the decisions regarding export of a country.
Sales tax registration number- Proper tax registration details should also be submitted through a genuine sales tax number.
Recommendation letter- A recommendation letter should also be submitted from any known partnering company or organization about the authenticity of your business.
National Identification card- This card holds information about the official partners, directors, and proprietors of your business.
Jewelry passbook- This passbook contains all the information about your potential export business, receiver, and all information about them.
Membership of the Chamber of Commerce and Industry- this membership certificate is also required in both its original and copied format.
Membership of any known gemstone organization- Any known gemstone or jewelry organization that is recognized by the federal government is a mandatory step to start your jewelry or gemstone business abroad.
Membership certificate of association- A membership certificate is also required for any partnered jewelry or gemstone organization.
NTN certificate- The NTN certificate is short of a national tax number certificate which is submitted both as an original and a copy of a document.
Bank certificate- Your bank certificate and details are another important documentation process.
Step #3: International Payments
Figuring out your payment mode and way is another important step that you should be aware of. Some of the common methods to get paid by international buyers are below:
Payment checks- Payment checks are an outdated version of trade payment but are still widely used in many countries as the main source of payment.
Credit cards- Credit cards are a secure method of receiving and sending payments that is utilized all around the world.
Wire transfer- Wire transfer is done to secure advance payments from businesses. Complete details of the buyers and sender are needed to process this transaction which usually has additional fees required.
Escrow service- An escrow service is a payment service through a third party that is beneficial for both buyers and sellers. They hold onto the payment and release it once the shipment has been made.
Step #4: Online Websites
Online websites are extremely beneficial to start your export business. By partnering up with one of these websites, you get to enjoy a number of perks such as:
- Labor cost
- Warehouse cost
- Documentation and duty
- Logistics and freight
- Packaging and labeling
- Quality control
- Several buyers
These online websites allow seamless online management and payment transactions of businesses through their platform. Moreover, they will be responsible for marketing and promoting your business of gemstones to an international audience base all around the world. Some of them are:
1. eWorldTrade
eWorldTrade is a well-known B2B platform that serves as a bridge between many sellers and international buyers. They allow many opportunities for different businesses to expand their reach and online presence in the business world.
2. Alibaba
Alibaba is a Chinese B2B platform that has promoted business between China and many countries around the world including Pakistan. Their mission is to make business easy for everywhere around the world.
3. Global Sources
Global Sources is an internationally recognized B2B platform that connects authentic buyers and registered sellers under one platform. They provide powerful tools for easy management, tracking, and payment options on their website.
4. DHgate
DHgate is a top-notch Chinese wholesale marketplace that has become the home for many businesses around the world. They have millions of categories and products including precious stones from many Pakistani sellers at competitive prices.
5. EC Plaza
EC Plaza is the ultimate online marketplace for all your e-commerce needs. They have helped many businesses I raising awareness and becoming successful brands in the international market.
Conclusion
This is a complete guide to get you started with all the information needed for an exporting business. Partnering up with online websites proved to be extremely beneficial for many businesses around the world. They ensure increased reach, presence, and higher sales for businesses.
