Imran Khan Tessori Chairman PAKISTAN GEMS JEWELLERY TRADERS AND EXPORTERS ASSOCIATION
says
We have gathered here today to inform the government and high authorities through your platform about the extremely serious situation arising from the suspension of gold jewellery exports. The export sector of gold jewelleryr which is a precious source of foreign exchange for Pakistan, is facing the worst crisis in 50 years due to the suspension of SRO 760.
SRO 760 was suspended on May 6, 2025, for a period of 60 days without our consultation. Despite four months having passed, it has still not been restored. After the suspension of the SRO, not a single gram of jewellery has been exported in the fourmonth period, as a result of which export shipments have suffered a loss of 15 million US dollars to date.
Firstly, there is no justification for the suspension of gold jewellery exports. However, in principle, the orders received prior to the ban should have been allowed to be completed, but the completion and export of orders received in March 2025 were halted.During this period, foreign buyers have issued notices to Pakistani exporters and have demanded the return of the advance gold. Along with this, buyers have stopped the payment of outstanding dues, due to which Pakistani exporters are facing a severe financial crisis and are failing to bring export proceeds back into the country within the stipulated time
I would like to reference here that the renowned Dubai-based company, T K R Gold and Gems Trading L,L.C., has written a letter to the Pakistani Embassy in Abu Dhabi. In it, they have clearly stated that if the advance gold is not returned immediately, they will cancel all agreements with Pakistan, The company also highlighted in the letter that they import 30 kilograms of jewelry from India every month and have never encountered such problems there,
During this period, foreign buyers have issued notices to Pakistani exporters and have demanded the return of the advance gold. Along with this, buyers have stopped the payment of outstanding dues, due to which Pakistani exporters are facing a severe financial crisis and are failing to bring export proceeds back into the country within the stipulated time
I would like to reference here that the renowned Dubai-based company, T K R Gold and Gems Trading L,L.C., has written a letter to the Pakistani Embassy in Abu Dhabi. In it, they have clearly stated that if the advance gold is not returned immediately, they will cancel all agreements with Pakistan, The company also highlighted in the letter that they import 30 kilograms of jewelry from India every month and have never encountered such problems there,
Granted under section 3 (2) (d) of the trade organization Act 2013 License No. 265 Ministry of Commerce The letter stated that due to frequent policy changes and the suspension of exports in Pakistan, they had already reduced their orders. Now, with exports halted once again, their confidence has been completely shattered. Other exporters are also receiving similar notices from their buyers, and the return of advance gold is being demanded
The current situation is that 8 major exporters had orders worth 60 million dollars, which were obtained with great difficulty by competing with India. For these orders, the buyers had collectively provided 50 kilos of advance gold. However, after the suspension of SRO 760, these orders have also been stuck, and the channel for the return of the advance gold has been closed.
The action of suspending SRO 760 has not only completely halted exports but has also closed the door for the return of advance gold, forcing buyers to resort to legal action. Along with this, buyers have also stopped their previous payments, due to which Pakistani exporters are in a severe financial crisis and are unable to bring the export proceeds back into the country on time.
Respected journalists! This situation is not only a major shock for Pakistani exporters but also for Pakistan’s credibility worldwide. The reputation earned through 50 years of hard work and sacrifices is now being lost to India’s narratives.
We have knocked on the doors of all relevant forums and government institutions to solve this problem, but apart from assurances, nothing has been achieved.
Demands:
We demand from the Government of Pakistan that SR0760 be restored immediately so that the exports of gold jewellery can resume.
Stability should be brought to the policy to keep the export process transparent and continuous so that buyers’ confidence can be restored.
The obstacles present in the import and export procedure for Advance Gold should be removed so that exporters can complete their orders on time.
The government should immediately consult with the export sector and take such measures that can increase exports and protect Pakistan’s credibility.
We hope that the current government will understand the severity of this crisis and solve it, and will save this important source of foreign exchange for Pakistan.
Advertisements
