KARACHI: The government has lifted a ban on the import and export of gold and other precious metals, restoring SRO 760 of 2013 and allowing jewellery exports to resume, it emerged on Saturday.

The decision follows industry pressure over stalled orders, while updated rules introduce tighter documentation, digital record-keeping and stricter monitoring of the trade.

In May, the government imposed a 60-day ban on the import and export of precious metals and gemstones in an attempt to stabilise foreign exchange reserves. The restriction was also linked to tensions with India and viewed as a potential measure to curb the flow of precious metals via Dubai.

In a fresh notification, SRO 2198 dated Nov 21, 2025, the commerce ministry rescinded its May directives, effectively lifting the ban on the import and export of gold and other precious metals.

Restores SRO 760 of 2013; introduces tighter documentation, stricter monitoring

The ministry said the period of suspension under SRO 760 was “accordingly condoned, thereby enabling exporters to avail the mandatory entitlement period of 120 days under the entrustment scheme”.

The entrustment scheme allows the export of jewellery against imported gold supplied as a partial advance payment by foreign buyers for the manufacture of jewellery to be exported. Exporters are required to ship only eligible and authorised items within 120 days from the date of import.

Gold remains a traditional store of value and plays a significant role in Pakistan’s cultural, financial and manufacturing sectors. The country predominantly imports gold from the United Arab Emirates, Switzerland and other major gold-trading hubs.

Industry representatives earlier warned that restrictions on the gold trade had effectively paralysed the gold and jewellery export sector, with exporters unable to fulfil orders despite having received raw gold from international buyers under legal contracts.

In a letter to Prime Minister Shehbaz Sharif, Federation of Pak­istan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh had called for the immediate restoration of SRO 760 to protect the jewellery export industry.

In October, the Economic Coordination Committee (ECC) approved the continuation of the existing framework for precious metals and jewellery trade, with enhanced transparency and automation measures to improve efficiency and traceability in the import and export regime.

Amendments to 2013 rules

Separately, the Ministry of Commerce has made a series of amendments to SRO 760, originally titled ‘Import and Export of Precious Metals, Jewellery and Gemstones Order 2013’.

The order has been renamed ‘Import and Export of Precious Metals and Jewellery Order 2013’. The definition of “jewellery passbook”, issued by the Trade Development Authority of Pakistan (TDAP), has been expanded under Clause 2(j) to include both paper and digital versions.

The Trade Development Aut­hority of Pakistan monitors the import of gold and export of jewellery, with all transactions recorded in the jewellery passbook and authenticated by the authority.

The scope of trade allowed under Clause 3(2) has also been clarified. It now specifies that the regime covers “the import of precious metals and gemstones and export of jewellery”, instead of “the import or export of precious metals, gemstones and jewellery”.

Regarding customs stations where imports and exports are allowed under Clause 3(9), the government has introduced a procedure for operational issues, stating: “In the event of operational constraints, a no-objection certificate shall be required from the respective additional or deputy collector of customs to allow one-time change of customs stations.”

On imports permitted under the entrustment scheme, the second proviso to “import” under Clause 4(2) has been amended to recognise contracts apostilled under the Apostille Convention, 1961.

The revised provision states: “TDAP shall ensure that the contract signed by the supplier is notarised from the relevant foreign country’s legal authorities, duly attested by the relevant Pakistan Missions abroad or apostilled under the Apostille Convention, 1961, where applicable. The contract shall contain inter alia all information as prescribed in Annex-D.”

Lastly, a new paragraph (iii) has been inserted under the “export proceeds” heading in Clause 4(2): “All the transactions under the entrustment scheme shall be processed exclusively through the same bank, i.e. export of jewellery from the same bank that processed or handled the corresponding import of precious metals.”

Published in Dawn, November 23rd, 2025