The government has temporarily suspended the implementation of SRO 760(I)/2013, which governs the import and export of precious metals, jewelry, and gemstones. The suspension will last for 60 days, effective immediately.
The notice, issued on Wednesday, stated that the suspension applies to the “Import and Export of Precious Metals, Jewelry and Gemstones Order, 2013.”Â
The order sets out the procedures, rules, and conditions for businesses engaged in the import and export of gold, silver, platinum, gemstones, and related jewelry in Pakistan.
Under the original SRO, jewelry and gemstone exporters were required to register with the Trade Development Authority of Pakistan (TDAP), following specific procedures to be notified by the authority.Â
Additionally, the import and export of these goods were regulated through schemes such as the entrustment and self-consignment schemes.
The entrustment scheme allowed the export of jewelry made from imported precious metals, with advance payments provided by foreign buyers for the quantity of precious metals, including wastage, required for manufacturing the jewelry. The quantity of precious metals allowed under this scheme was capped at 25 kilograms on a revolving basis.Â
The SRO prohibited the sale or use of these metals in the domestic market or for purposes other than making and exporting jewelry.
The suspension comes at a time when the government is considering broader changes, including the formation of a committee to develop a viable plan for the jewelry sector.
