ISLAMABAD: Pakistan has lifted its months-long ban on the import and export of gold by restoring a key regulatory order governing the trade of precious metals, the Ministry of Commerce said in a notification issued on Thursday.
The government rescinded its May suspension of Statutory Regulatory Order (SRO) 760(I)/2013, which regulates precious metals, jewellery and gemstones, and reinstated the framework with several technical amendments.
The move restores legal pathways for gold imports and jewellery exports under the Entrustment Scheme.
A separate SRO, dated 21 November, formally revoked the earlier ban imposed in May 2025 following complaints of gold smuggling.
The latest notification was issued under the Imports and Exports (Control) Act, 1950, after approval from the federal cabinet.
No fresh smuggling complaints
Official sources, cited by Geo News, said that the ban was relaxed after authorities received no new reports of gold smuggling in recent months.
The May suspension had also been linked to pressure on Pakistan’s foreign exchange reserves and to regional tensions with India, which raised concerns over illicit flows of precious metals via Dubai.
The ministry said the period of suspension has been “condoned”, allowing exporters to again benefit from the mandatory 120-day entitlement period for shipments under the Entrustment Scheme.
The scheme permits jewellery exporters to use imported gold supplied by foreign buyers as partial advance payment for orders.
Amendments to 2013 order
The Ministry of Commerce introduced several technical changes to modernise and clarify the 2013 rules.
The title of the order has been revised to remove the word “Gemstones”, and the definition of a “jewellery passbook” issued by the Trade Development Authority of Pakistan (TDAP) now explicitly includes both paper and digital versions.
Clauses covering import and export permissions have been updated. Clause 3(2) now specifies that imports of precious metals and gemstones and exports of jewellery made from these materials will be allowed under designated schemes.
Clause 3(9) has been amended to require a no-objection certificate from an additional or deputy collector of customs for a one-time change of customs station in case of operational issues.
Under Clause 4(2), contracts for the import of precious metals may now be apostilled under the Apostille Convention, 1961, where applicable. A new paragraph requires that all transactions under the Entrustment Scheme be processed exclusively through the same bank that handled the corresponding gold import, ensuring traceability of export proceeds.
Industry impact and background
Pakistan’s gold and jewellery industry had repeatedly warned that the ban had paralysed exports, leaving manufacturers unable to meet international orders despite having legally imported gold under binding contracts.
In a letter to Prime Minister Shehbaz Sharif earlier this year, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh urged the government to restore the 2013 order, saying the restrictions were hurting the sector.
Gold remains a significant part of Pakistan’s cultural, financial and manufacturing landscape. The country imports most of its gold from the United Arab Emirates, Switzerland and other global trading hubs.
In October, the Economic Coordination Committee approved the continuation of the existing policy framework with enhanced transparency and automation measures to improve monitoring of the precious metals trade.
