In a significant policy move on Friday aimed at revitalizing Pakistan's jewellery and precious metals industry, the Economic Coordination Committee (ECC) of the Cabinet, chaired by Federal Minister for Finance Muhammad Aurangzeb, approved removal of ban on gold import and export.
According to a statement issued by the Ministry of Finance, the ECC gave its approval to restore the suspended Statutory Regulatory Order (SRO) related to the gold trade. The decision is expected to open new avenues for the jewellery sector, promote exports, and improve the inflow of foreign exchange through legal trade channels.
The committee also approved the continuation of the existing framework for the export and import of precious metals and jewellery, with an emphasis on enhancing transparency and automation in the process. The Ministry of Finance said that improvements to the pre-shipment inspection system will also be incorporated into the import policy to strengthen monitoring and compliance standards.
Economic experts welcomed the ECC’s decision, terming it a “much-needed step” to formalize the gold trade and discourage smuggling. The move is expected to benefit local gold traders, exporters, and manufacturers who have long demanded the removal of restrictions hindering the legal flow of precious metals.
During the meeting, the ECC also approved several other financial decisions, including Rs 2.5 billion for the establishment of the Maritime Science and Technology Park, funds for the overdraft clearance of the Frontier Works Organization (FWO), and Rs 456 million for the Election Commission of Pakistan to meet expenses for local government elections. Additionally, Rs 112.1 million were approved for the installation of electricity meters in the Pakistan Mint Colony, and Rs 21.5 million for Rangers helicopter parts.
The meeting also reviewed the country’s inflation trends, which reached 5.6% in September, and discussed price fluctuations in key commodities. The ECC noted that while the prices of chicken, rice, and LPG had decreased, sugar, meat, and ghee had become more expensive. The committee ordered an investigation into a possible nexus in the edible oil and ghee sector and directed officials to prepare a price stability plan for Ramadan.
The Finance Minister emphasized the government’s commitment to price stability and the protection of citizens’ purchasing power, while acknowledging that recent floods had adversely affected agricultural production.
By lifting the ban on the gold trade, the ECC signalled its intent to boost legitimate commerce, attract investment, and improve transparency in one of Pakistan’s most valuable export sectors.