On May 7, the Pakistani government took an important step by suspending SRO 760(I)/2013, which serves as the regulatory guideline for importing and exporting valuable metals, jewels, and stones. This suspension went into effect right away and will last for two months.
As stated in an official announcement made on Wednesday, the “Order Concerning the Import and Export of Precious Metals, Jewelry, and Gems from 2013” will not be implemented at present. Earlier, this decree had provided specific guidelines for companies involved with gold, silver, platinum, precious stones, and related jewelry items.
According to the initial regulations, exporters had to enroll with the Trade Development Authority of Pakistan (TDAP) and follow particular programs like entrustment and self-consignment. These procedures permitted the controlled utilization of imported metal materials for producing goods intended for export, specifically forbidding their sale within the country.
For example, the entrustment program permitted manufacturers to obtain prepayments from international clients for crafting jewelry, with a limit of up to 25 kilograms of imported precious metals being used cyclically. Nonetheless, utilizing these materials for domestic transactions was explicitly prohibited by legislation.
The temporary suspension in enforcement suggests that the government is reassessing the entire framework of the jewelry export industry. It appears that a committee will be established to develop a comprehensive, long-lasting strategy aimed at supporting and updating this sector, which has been seeking policy changes for quite some time to foster development and enhance international competitiveness.
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