KARACHI – The Ministry of Commerce has rescinded the suspension of Statutory Regulatory Order (SRO) 760 of 2013, effectively lifting restrictions on the import and export of gold and other precious metals, officials confirmed on Saturday. The reversal comes six months after a 60-day ban was imposed to stabilise foreign exchange reserves amid tensions with India.
Under the revised SRO2198 dated November 21, the government allowed exporters to avail the full 120-day entitlement under the entrustment scheme, which facilitates the export of jewellery against imported gold supplied by foreign buyers. The scheme requires exporters to deliver authorised products within the stipulated timeframe, ensuring contractual obligations are met.
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The Ministry also made key amendments to SRO760, renaming it the ‘Import and Export of Precious Metals and Jewellery Order 2013’ and expanding the definition of “jewellery passbook” to include digital versions. The scope of trade has been clarified, and procedures for customs stations and contract notarisation under the Apostille Convention have been updated to improve efficiency and transparency.
Industry representatives had warned that the gold trade ban had paralysed Pakistan’s jewellery export sector, leaving exporters unable to fulfil orders despite having received raw gold. The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) had urged Prime Minister Shehbaz Sharif to restore the SRO to safeguard the sector and protect export revenues.
Gold remains a critical part of Pakistan’s cultural, financial, and manufacturing sectors, with the country primarily importing the metal from the UAE, Switzerland, and other trading hubs. The government’s move is expected to stabilise the jewellery export industry and ensure smoother transactions under the entrustment framework.