Gold Sector Welcomes Lifting of Ban on Import and Export

By Muhammad Shahzad — Lahore, Pakistan

LAHORE: The President of the Gold & Gems Art Promotion Council of Pakistan and Central Chairman of the Lahore Division Sarafa & Jewellers Association has lauded the government’s decision to lift the ban on the import and export of gold, calling it a long-awaited move that will bring significant positive impacts to the country’s gems and jewellery industry.

He noted that increased exports are essential to stabilizing rising gold prices, and the government’s decision comes at a crucial time. Due to SRO 760(13)14, Pakistan’s gems and jewellery sector had nearly come to a halt, resulting in thousands of skilled craftsmen losing their jobs, while India benefitted from an open and competitive global market.

Expressing gratitude to Prime Minister Mian Shehbaz Sharif, Federal Minister for Commerce Jam Kamal Khan, and Commerce Secretary Jawaid Pal Khawaja, he emphasized that exporters must now be provided relief to compete effectively with India on the international stage.

He urged the government to reform the current export mechanism for gems and jewellery and implement policies that attract more exporters into the sector. Strengthening exports, he said, would help bolster Pakistan’s foreign exchange reserves.

Muhammad Ahmed added that cumbersome customs procedures remain a major obstacle for exporters. He warned that unless these procedures are simplified, the government’s positive initiative may not deliver its full potential.