A 15-member advisory council has been formed to make gold trade transparent and for the development of the gold sector in Pakistan. The council will review the current policies of gold trade, standards, certification and value addition, and prepare an action plan for gem and jewelery exports
A 15-member advisory council has been formed to make gold trade transparent and for the development of the gold sector, the Federal Ministry of Industry has also issued a notification.This move comes in response to the suspension of trading activities in major gold markets across the country since September 13, 2023. The suspension was aimed at addressing issues such as price-fixing speculation, smuggling, the influence of various mafias, and hoarding by profiteers within the currency trade.
According to the report, Haji Haroon Chand, a prominent gold dealer in Karachi and a senior member of the gold community, has not been included in the advisory council, but the elder brother of the Sindh Governor, Akhtar Khan Tesori, has been included in the advisory council. The report further stated that five jewelers from Lahore and four from Karachi have been made part of the advisory council, while three jewelers from Islamabad, one jeweler each from Quetta, Peshawar and Swat have been included in the council.
“The advisory council will review the current policies of gold trade, standards, certification and value addition, whereas it will prepare an action plan for gem and jewelery exports and give it to the federal government,” the report added. It is noteworthy that the price of gold in Pakistan peaked in September at Rs240,000; it has since dropped by roughly Rs50,000 within a short period of time. Currently, the national average price per tola of gold is Rs 197,000.
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