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April 18, 2019

Restriction on jewellery sale opposed

Business

April 18, 2019

KARACHI: Pakistan Gems, Jewellery Traders and Exporters Association Chairman Akhtar Khan Tessori has taken serious notice of a recent news item about FATF’s recommendations to the government of Pakistan to restrict the sale of gold jewellery on payment against credit and debit cards only, a statement said on Wednesday.

“This recommendation is reportedly based on some apprehensions of purchase of gold and jewellery by terrorist organisations. The members of our association are deeply perturbed, as the vast majority of their buyers are people of limited means who buy jewellery on the wedding occasions of their children and most of them do not possess credit or debit cards.”

The association has summoned a meeting of its managing committee to discuss this issue. “We are also in the process of obtaining relevant details about FATF’s exact recommendations, in this regard, from the relevant government quarters.”

“The association; however, would like to assure the government that its members will cooperate to address any legitimate concerns about the investment, if any, by the terrorist organisations in gold or gold jewellery,” it said.

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