FPCCI Seeks Immediate Restoration of SRO 760 for Gold Jewellery Sector

Strategic Insights -

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has written to Prime Minister Shehbaz Sharif, urging the reinstatement of SRO 760 to support the country's gold jewellery export sector. The sector, a significant contributor to national exports, has been paralysed for over three months following the suspension of the SRO on May 6, 2022. With export orders pending and international buyers' confidence shaken, FPCCI President Atif Ikram Sheikh has called for urgent action to revive the sector.

Key Takeaways:

  • The FPCCI has written to Prime Minister Shehbaz Sharif to seek the immediate restoration of SRO 760 to support the gold jewellery sector.
  • The sector has been at a complete standstill for over three months due to the suspension of SRO 760 on May 6, 2022.
  • Several exporters had received raw gold from foreign principals under verified contracts and had crafted jewellery consignments before the suspension.
  • A high-level government committee completed a comprehensive review of past transactions and found no malpractice or misuse of SRO 760.
  • The Ministry of Commerce has submitted a clean report recommending the revival of SRO 760 to the prime minister.
  • The suspension of SRO 760 has disrupted ongoing export orders and damaged the confidence of international buyers.
  • The gold jewellery export sector has contributed significantly to national exports for decades.

Statistics:

  • The gold jewellery export sector has been paralysed for over three months.
  • SRO 760 was suspended on May 6, 2022.
  • Export orders worth unknown amounts are pending due to the suspension of SRO 760.
  • The sector has contributed significantly to national exports, but the exact percentage is not mentioned.
  • A high-level government committee completed a comprehensive review of past transactions by unknown dates.

Sources:

  • FPCCI's letter to Prime Minister Shehbaz Sharif
  • FPCCI President Atif Ikram Sheikh's statement to the media
  • Ministry of Commerce's recommendation report to the prime minister
  • Unspecified government report citing the committee's findings.