The Pakistan Gems Jewellery Traders & Exporters Association (PGJTEA) has urgently appealed to Prime Minister Shehbaz Sharif to reinstate the suspended regulation.Â
In a letter to the Prime Minister, PGJTEA Chairman Imran Khan Tessori expressed grave concern over the disruption to the organized, compliant gold jewellery export sector. He warned that the suspension jeopardizes legal export operations, with goods worth $50–60 million stuck and the country’s export reputation facing significant damage.
Pakistan’s gem and jewellery export sector has ground to a halt following the government’s abrupt suspension of SRO 760(1)/2013, a key regulatory framework that facilitates the legal export of gold and jewellery. The decision, which halts exports for two months, has left exporters stranded with millions of dollars in consignments and at risk of breaching international contracts.
The association pointed out that its members have always adhered to the legal framework, using authorized channels to import gold and focusing exclusively on exports. The suspension, according to the PGJTEA, unfairly penalizes law-abiding exporters while failing to address illicit market practices that fall outside the scope of the regulatory framework.
Highlighting the broader economic impact, PGJTEA emphasized that the suspension comes at a time when Pakistan is making efforts to boost exports and stabilize foreign exchange reserves.Â
The association warned that the move could further weaken exports and harm the livelihoods of thousands working in the formal jewellery sector.
Tessori has urged the Prime Minister to swiftly reinstate SRO 760(1)/2013 to ensure business continuity and allow the clearance of pending shipments. He also called for the inclusion of a PGJTEA representative in the committee investigating the matter, to ensure a fair review process and to propose necessary amendments without hindering compliant exporters.
