Gems & jewellery: MoC fails to rescind SRO 760 issued to suspend export, import
During the previous meeting of National Assembly Standing on Commerce headed by Jawed Hanif Khan, Commerce Ministry had stated that a special committee on this issue had recommended rescinding the SRO.
On May 6, 2025, Commerce Ministry suspended the SRO 760 abruptly for 60 days which is still effective as a summary to rescind the SRO remained on the table of Advisor to Prime Minister Dr Tauqeer Shah and did not reach the Prime Minister for signature for several days.
However, when the PM was approached by the stakeholders, he directed the MoC to take stakeholders on board who have no role in the SRO as the main issue is posed by State Bank of Pakistan (SBP) which deals with FATF.
According to sources, the industry representative held a meeting with the Commerce Ministry's team on August 6, 2025 and responded to queries of authorities.
Another meeting is expected on Friday (today) in which more people from the jewellery sector have been invited before taking any final decision as the export and import of gold remains stalled.
According to an official statement, the Commerce Minister has assured full support to All Pakistan Small Gems Jewellers and Training Association (APSGTA) to the gems and jewellery sector during a meeting.
The delegation led by Secretary General Qari Muhammad Ashraf, called for the revival of SRO 760 and requested exclusion from SRO 924, highlighting the sector's strong compliance record over the past four years.
The Minister appreciated APSGTA's constructive engagement and announced that the Ministry will forward its recommendations to the PM's Office for necessary directives and policy facilitation.
The Minister also directed officials to ensure participation of the gems and jewellery sector in upcoming international business forums in France, Bangladesh, and Ethiopia, and further stressed the importance of public-private collaboration, skills training, and market linkage initiatives, particularly the uplift of artisans and women entrepreneurs in underserved regions.
The Minister pledged full government support to introduce strategic measures aimed at unlocking the untapped potential of the gem and jewellery sector, highlighting its significance in exports diversification and generating employment.
The Association argued that US President's decision to increase tariffs on India by 50 per cent provides an opportunity to APSGTA members to increase exports of gems and jewellery to the United States.
'If the government gives attractive and feasible export policy, gems and jewellery sector can earn $1 billion per annum,' said one the stakeholders.
According to sources, this issue has also been discussed at the level of Special Investment Facilitation Council (SIFC) in which it was requested that the gold which was imported for export purpose with value addition be exported.
'We are unable to understand that who is behind this delay in approval of export of pending consignments,' said one of the stakeholders.
Copyright Business Recorder, 2025
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