ECC moved for restoring gold import, export after PM’s nod

ISLAMABAD: After receiving approval from the Prime Minister’s Office (PMO), the Ministry of Commerce has moved a summary to the Economic Coordination Committee (ECC) of the Cabinet, seeking restoration of the suspended Statutory Regulatory Order (SRO) 760 governing the import and export of gold.

According to official sources, the Ministry had earlier submitted the proposal to the PMO and awaited its clearance. Following the Prime Minister’s approval, the summary has now been forwarded to the ECC for consideration. The reinstatement of SRO 760 is aimed at resuming regulated import and export of gold and jewellery, which had been suspended earlier due to concerns over misuse and smuggling of precious metals and stones.

The import and export of gold, gemstones, and other precious materials were suspended in May 2025, disrupting jewellery exports. While the SRO was placed under review, the Ministry had assured stakeholders that the suspension would be temporary and that the framework would be revived with stronger monitoring mechanisms.

SRO 760(I)/2013 sets the regulatory framework for the import and export of precious metals, gemstones, and jewelry through two mechanisms — the Entrustment Scheme and the Self-Consignment Scheme. Under the Entrustment Scheme, finished jewellery can be exported against imported raw materials provided by a foreign buyer, up to a limit of 25 kilograms on a revolving basis.

Meanwhile, the Ministry of Commerce has also forwarded another summary to the ECC proposing amendments to the personal baggage, gift, and transfer of residence schemes for vehicle imports. The move aims to align these schemes with IMF conditions and the five-year National Tariff Policy.

Currently, commercial import of up to five-year-old vehicles is allowed; however, stringent conditions — including a 40 per cent regulatory duty (RD) — have discouraged importers, preventing expected market activity. The government is now reviewing these conditions to prevent misuse of the schemes while ensuring legitimate imports continue under a more transparent policy framework.