According to a notification issued on Wednesday, the government has halted the enforcement of the 2013 order with immediate effect. “The federal government hereby suspends the import and export of precious metals, jewellery, and gemstones order, 2013, for a period of 60 days,” the notification reads.

SRO 760(I)/2013 laid down regulations, procedures, and conditions for entities engaged in the import and export of precious metals such as gold, silver, and platinum, as well as jewellery and gemstones.

Under the law, jewellery exporters were required to register with the Trade Development Authority of Pakistan (TDAP), with registration procedures to be separately outlined by the authority.

The order provided two distinct schemes:

Entrustment Scheme:

Under this model, precious metals could be imported based on partial advance payments from foreign buyers. These metals were to be used strictly for the manufacturing of jewellery meant for export. The quantity of imported metals, the resulting jewellery, and allowable wastage were all regulated.

Self-Consignment Scheme:

This allowed exporters to independently import precious metals to manufacture jewellery for export.

Under this framework, a maximum of 25 kilograms of precious metals could be imported at a time on a “revolving basis,” meaning fresh imports could be made once previous consignments were utilised.

The notification clearly stated that the precious metals imported under these schemes could not be sold in local markets or used for any purpose other than the production and export of jewellery, as specified in the agreements.