Islamabad: The Pakistani government has temporarily suspended the implementation of SRO 760(I)/2013, a regulation governing the import and export of precious metals, jewelry, and gemstones. The suspension, effective immediately, will remain in place for 60 days, according to a notice issued on Wednesday.
SRO 760(I)/2013 established guidelines for businesses involved in the trade of precious metals such as gold, silver, and platinum, as well as gemstones and related jewelry. Under this order, exporters were required to register with the Trade Development Authority of Pakistan (TDAP) and follow specific procedures for conducting their business.
The regulation also introduced the “entrustment scheme,” which allowed the export of jewelry made from imported precious metals. Under this scheme, foreign buyers would provide advance payments for the quantity of precious metals needed for jewelry manufacturing, including allowances for wastage. However, the total amount of precious metals that could be exported under this scheme was capped at 25 kilograms on a revolving basis.
Additionally, the SRO prohibited the sale or use of precious metals intended for export in the domestic market or for purposes other than jewelry production.
The temporary suspension of the regulation comes as the government is contemplating broader changes to the jewelry sector. A committee is being formed to develop a comprehensive plan that will ensure the sustainable growth of this important industry. During the 60-day suspension period, businesses will have some relief from the regulatory requirements imposed by the suspended SRO.
This move by the government is expected to provide a temporary reprieve to the jewelry sector, which has faced challenges due to the stringent nature of SRO 760(I)/2013. The suspension also indicates that the government is considering a reevaluation of the rules to make them more conducive to the growth of the industry.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
