KARACHI, Pakistan:Pakistan’s gold and jewellery export industry is facing its worst-ever crisis following the sudden suspension of SRO-760 on May 6, bringing the country’s gold trade to a complete halt. The abrupt regulatory change has disrupted raw gold imports and export consignments, leaving exporters in a financial and reputational mess.
Data from the Pakistan Bureau of Statistics (PBS) paints a grim picture. Gold imports, which stood at $2.2 million in July 2024, nosedived to a mere $927,000 in May 2025, before falling to zero in June and July. Jewellery exports have also collapsed — dropping from $2.6 million in July 2024 to $617,000 in May, and sinking further to just $17,000 in July 2025.
Industry representatives warn that if SRO-760 is not reinstated immediately, the damage could become irreversible, with global buyers turning away from Pakistan and shifting their business elsewhere. One UAE-based buyer, for example, had supplied 860 grams of gold under a contractual agreement with a 120-day delivery timeline. Now, after 164 days without delivery, the buyer has not only demanded the gold back but also withheld a payment of $17,268 — signaling a serious trust deficit.
Business leaders from the FPCCI, Pakistan Gems Jewellery Traders and Exporters Association (PGJTEA), and the United Business Group (UBG) have jointly appealed to Prime Minister Shehbaz Sharif to take urgent action. According to these associations, a detailed government review has already cleared the industry of any wrongdoing under SRO-760, and a formal recommendation for revival is pending approval at the Prime Minister’s Office.
Earlier this year, Commerce Minister Jam Kamal Khan had assured exporters of a swift reinstatement of the regulation. Despite approval from a parliamentary committee, the notification for revival has yet to be issued, leaving shipments stranded at ports and export contracts hanging in uncertainty.
Exporters warn that delays are costing Pakistan millions in potential foreign exchange, while damaging long-standing trade relationships. They insist that immediate action is necessary to safeguard one of Pakistan’s most lucrative non-traditional export sectors and restore international confidence in the country’s gold trade.
This story has been reported by PakTribune. All rights reserved.