Gold jewellery sector: FPCCI urges PM to help restore SRO 760

KARACHI: President FPCCI, Atif Ikram Sheikh has apprised that the apex body has formally written a letter to the Prime Minister Shehbaz Sharif, to request an immediate restoration of SRO 760 to help fulfill the pending export orders and facilitate exports of the gold jewellery sector.

Atif Ikram Sheikh, on behalf of the business community, has drawn PM’s attention to a matter of urgent national importance as Pakistan’s gold jewellery export sector, which has contributed significantly to the country’s exports for many decades, has been at a complete standstill for over three months now due to the suspension of SRO 760.

The president FPCCI continued that the abrupt suspension of this SRO has disrupted ongoing export orders and jeopardized the trust of international buyers. Several exporters had already received raw gold from their foreign principals under legally verified contracts; and, have already crafted jewellery consignments for shipment before the SRO was suspended.

The FPCCI chief elaborated that, to FPCCI’s knowledge, the government-constituted, high-level committee has completed a comprehensive review of past transactions. The committee’s findings confirmed that there has been no malpractice or misuse of SRO 760; and, a clean report has been submitted.

Furthermore, a summary from the Ministry of Commerce recommending the revival of SRO 760 has been forwarded to your esteemed office – seeking your kind approval – is pending as of now.

S M Tanveer, Patron-in-Chief of UBG, highlighted that, due to this standstill in the gold jewellery exports, Pakistani exporters are facing serious consequences – including potential legal claims from their foreign buyers; loss of hard-earned export markets and reputational damage to Pakistan in the global gold trade realm. There is also a risk of escalation at international trade forums; which would not be in the interest of Pakistan’s exports and its economy.

He stressed that the prevailing situation calls for the PM’s immediate and personal intervention; and, immediate revival of SRO 760, for at least the ongoing and pending export consignments, is critical to restoring confidence and safeguarding Pakistan’s export market; and, additionally, an indispensable measure for supporting the government’s broader economic objectives and export-led growth vision.

Copyright Business Recorder, 2025