Government Suspends Precious Metals, Jewelry, and Gemstones Order

The government has temporarily suspended the implementation of SRO 760(I)/2013, known as the “Import and Export of Precious Metals, Jewelry and Gemstones Order, 2013,” for a duration of 60 days.

According to a notice issued on Wednesday, “The Federal Government has decided to put on hold the Import and Export of Precious Metals, Jewelry and Gemstones Order, 2013, effective immediately, for a term of 60 days.”

SRO 760 (I)/2013 establishes the guidelines, protocols, and stipulations for Pakistani businesses engaged in the import and export of valuable metals (such as gold, silver, and platinum), jewels, and ornaments.

As per the SRO, exporters dealing in jewels and gemstones must register with the Trade Development Authority of Pakistan (TDAP) following TDAP’s established procedure.

Jewellery Sector: ECC Forms Body to Prepare Viable Plan

The import or export of precious metals, gemstones, and jewelry comprising precious metals, gemstones, or combinations thereof is permitted under the entrustment and self-consignment schemes.

The SRO states that “The entrustment scheme facilitates the export of ornaments and related items against imported precious metals provided as a partial advance payment by the international buyer. The quantity of such precious metals should align with what’s needed, including wastage, for manufacturing the jewelry to be exported.”

Furthermore, the SRO stipulates that the quantity of precious metals imported under this arrangement is limited to 25kg on a revolving basis.

“The precious metals brought in under this scheme are not to be sold within the country or used for purposes other than producing and exporting jewelry to the supplier, as per the contract’s terms and conditions.”