Pakistan set to lift ban on gold and jewellery trade

KARACHI: After months of back-and-forth between the Commerce Ministry and the Prime Minister’s Office, Pakistan is finally moving towards restoring the export and import of gold and jewellery.

PM’s Office clears the way

Officials confirmed that the Prime Minister’s Office has authorised the Commerce Ministry to resume gold trade, ending a period of uncertainty that left jewellers and exporters in limbo. A summary seeking final approval has now been forwarded to the Economic Coordination Committee (ECC) of the Cabinet.

“The Prime Minister’s Office has given the go-ahead, and the matter is now with the ECC for formal clearance,” an official familiar with the development said.

Ministry seeks to protect traders’ commitments

The Commerce Ministry has proposed condoning the three-month suspension period of SRO 760 to safeguard the business commitments made by gold traders during that time. The ministry has also suggested linking the trade with a stronger verification system to ensure transparency and to avoid regulatory disruptions in the future.

According to officials, the move aims to restore the confidence of exporters who were hit hard by the policy suspension.

Consultations and consensus

The path to reinstating SRO 760(1) 2023 has been a long one. The SRO, which governed the regulatory framework for gems and jewellery exports, expired on July 8, 2025, after being suspended by the Federal Cabinet in May for review. A special committee was then formed to examine its provisions, identify weaknesses, and propose improvements within 60 days.

The committee held five meetings and submitted its report to the Prime Minister’s Office on July 4, 2025. Later, on July 28, the PM’s Office directed the Commerce Ministry to consult private-sector stakeholders. These consultations took place on August 8, when jewellery exporters unanimously supported the committee’s findings and urged for an immediate reinstatement.

During the same meeting, Commerce Minister Jam Kamal Khan assured the All Pakistan Small Gems Jewellers & Tools Association (APSGJTA) that SRO 760 would soon be revived. He expressed confidence in the proposals made by the industry representatives and exporters.

Parliamentary push and next steps

The issue was also discussed in the National Assembly’s Standing Committee on Commerce, where Chairman Jawed Hanif Khan repeatedly pressed the ministry to expedite the matter.

Now that the Prime Minister’s Office has agreed to resume gold trade, the ECC’s approval is expected to be the final step before legal exports and imports of jewellery officially resume.

If cleared, the decision is likely to bring much-needed relief to the country’s gems and jewellery sector, which has been eagerly awaiting a policy revival to restore its global trade links.