Jewelers Association Reveals Large-Scale Gold Smuggling in Pakistan

The Jewelers’ Association has stated that Pakistan illegally imports almost 170 tons of gold every year.

The revelation was made at a meeting of the Senate Standing Committee on Commerce and the association that was chaired by Senator Zeeshan Khanzada.

The association said at the meeting that only two percent of gold is imported legally and gold smuggling on this scale hurts the country’s economy. The Ministry of Commerce has not formulated a policy on gold imports, it added.

The Standing Committee then formed a sub-committee to address the issue of gold smuggling.

Senator Anwar-ul-Haq affirmed that Pakistan does not import gold legally, and raw gold is smuggled. He mentioned that the State Bank of Pakistan (SBP) does not allow the import of gold, and since Pakistan cannot legally import the precious metal, it cannot export either.

He also remarked that India exports gold jewelry and earns valuable foreign exchange.

Senator Anwar-ul-Haq highlighted that Abdul Razzaq Dawood, the trade adviser of the previous government, had allowed the import of five tons of gold, but no progress has been made on this front, and the permission was also for sales tax registered jewelers.

The Minister for Commerce, Syed Naveed Qamar, stated that importing gold is illegal, which is why it cannot be taxed. He suggested that a sub-committee should be formed to resolve this matter within a month.

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