Pakistan mulls restoring gold, gemstone trade regulations to curb illegal trading

ISLAMABAD: The government is considering restoring the Import and Export of Precious Metals, Jewellery, and Gemstones Order, 2013 in an effort to revive Pakistan’s gemstone and jewellery industry, enhance exports, and curb illegal trading.

According to the Associated Press of Pakistan (APP), the federal government has directed that a summary for the restoration of the 2013 SRO be submitted to the Economic Coordination Committee (ECC) of the Cabinet for consideration. The summary has now been placed before the ECC with recommendations to reinstate the order.

The SRO established a transparent regulatory framework for the import and export of gold, silver, platinum, and gemstones, ensuring proper certification, registration, and documentation of trade activities.

However, the framework was suspended in subsequent years, leading to irregularities, under-invoicing, and a decline in formal exports. Its proposed restoration is being viewed as a key step toward improving transparency, standardisation, and investor confidence in the gems and jewellery sector.

In addition, the National Assembly Standing Committee on Commerce has proposed the creation of a regulatory authority to oversee gemstone mining, processing, certification, and export. The body, to be established under the Commerce Division, would promote responsible mining practices and ensure that Pakistani gemstones meet international quality and authenticity standards.

Pakistan is home to vast deposits of emeralds, rubies, aquamarines, topaz, and other precious stones found mainly in Gilgit-Baltistan, Khyber Pakhtunkhwa, and Balochistan. Despite this natural wealth, gemstone exports currently stand at only $5–7 million annually, a fraction of their true potential.