For the next 60 days, Pakistan will not be able to import or export gold, jewels, or gemstones in an effort to steady its currency reserves. The decision, taken by the Commerce Ministry, involves suspending trade regulations under SRO760 of 2013 and reflects strategic efforts to limit the metal flow to neighboring India.
Officials highlight that the price gap between Pakistan and India has significantly encouraged gold exports to India via Dubai. By imposing this ban, authorities aim to curb the financial outflows and ensure better management of the country’s reserves.
Gold remains a crucial asset in Pakistan’s culture and economy, serving as both a traditional store of value and playing a key role in the manufacturing sector. Pakistan mainly imports gold from nations like the UAE and Switzerland.
During the first nine months of this fiscal year, jewellery exports reached $10.94 million, up 57.91% from last year’s $6.93 million. Various government incentives, including duty drawbacks and streamlined procedures for exporters, have supported this growth.
Previously, Pakistan also relaxed certain gold import regulations in 2023 to improve transparency, reduce smuggling, and implement computerized tracking systems. Despite these efforts, immediate action has been taken to address recent economic challenges and cross-border trade dynamics.
