ISLAMABAD: The government has temporarily suspended the implementation of SRO 760(I)/2013, known as the “Import and Export of Precious Metals, Jewelry and Gemstones Order, 2013,” for 60 days.
The notice was released on Wednesday, announcing the immediate suspension.
The order, SRO 760 (I)/2013, outlines the rules, procedures, and conditions for businesses in Pakistan engaged in the import and export of precious metals such as gold, silver, and platinum, as well as gemstones and jewelry.
Under the suspended order, exporters of jewelry and gemstones were required to register with the Trade Development Authority of Pakistan (TDAP), according to a procedure to be notified by TDAP.
The SRO also allowed the import and export of precious metals, gemstones, and jewelry made from these materials under two schemes: the Entrustment Scheme and the Self-Consignment Scheme.
The Entrustment Scheme allowed for the export of jewelry and related articles using imported precious metals supplied by foreign buyers as partial advance payment.
The quantity of precious metals imported under this scheme was capped at 25kg on a revolving basis.
Additionally, the precious metals imported under this scheme could not be sold in the domestic market nor used for any purpose other than making and exporting jewelry, according to the contract terms.
The suspension of this order will temporarily halt these procedures and regulations, allowing businesses in the sector some relief for the next two months.
