ISLAMABAD: In a significant policy shift aimed at reforming Pakistan’s trade regime for precious metals, the federal government has lifted the longstanding ban on the import and export of gold. The Ministry of Commerce on Friday issued a formal notification amending the 2013 Import and Export Order, thereby removing all prohibitions on the cross-border movement of gold, precious metals, and gemstones. The earlier notifications imposing restrictions have been withdrawn with immediate effect.
The latest decision comes weeks after the government barred the export of gold jewellery amid concerns over misuse of export schemes and irregular trade practices. Officials now describe the new framework as a “complete reset” of the sector, combining liberalised trade with tighter compliance requirements.
According to the Ministry’s notification, all importers will be required to furnish complete and verifiable documentation before bringing precious metals into the country. The import and export of gold and gemstones will only be allowed under approved schemes, ensuring traceability of consignments and alignment with international standards on metal sourcing and trade transparency.
To facilitate exporters, the government has allowed businesses to change their designated customs station once subject to approval from the relevant customs officer in cases where operational difficulties arise. Furthermore, export proceeds must now be routed through the same bank that handled the original import transaction, a measure aimed at creating a clear financial audit trail.
Trade experts say the lifting of the ban will ease supply shortages in the domestic market, bring stability to prices, and help the jewellery sector regain export competitiveness. They note that mandatory documentation and stricter procedural checks will curb practices such as under-invoicing and the circulation of illegal or counterfeit material.
Industry representatives also expect the revised rules to reduce logistical bottlenecks. Allowing flexibility in customs clearance, they say, will help prevent shipment delays particularly for jewellery exporters who rely on time-sensitive international orders.
The government views the new policy as a balancing act: reopening the sector to legal trade while strengthening oversight to prevent the loopholes that previously prompted export restrictions. Further guidelines for traders are expected to be issued in the coming days.
