KARACHI - Under the decision of the Economic Coordination Committee, due to ban on the import of gold, the export of gold from the country is suspended from last two months.

In a statement, Habib Ur Rehman, Chairman All Pakistan Gem Merchants and Jewelers Association, said due to non-completion of the decided deals with the purchasers of US, Canada and Britain, the export orders of 650 kgs of gold have fallen in danger. The foreign buyers have issued warning of imposing demurrage and legal prosecution in the event of non-completion of the orders. 

APGMJA appealed to Prime Minister Nawaz Shareef and Federal Finance Minister Ishaq Dar that for eternity of the industry the decision of ban on the import of gold should be lifted immediately.

In the event of non-completion or cancellation of orders the reputation and goodwill of Pakistan embassies abroad will also be affected.

Due to cancellation of these deals it will be difficult for Pakistan to maintain its position in the foreign market and the foreign buyers will prefer India over Pakistan. 

The export of jewellery of gold from Pakistan is suspended since two months, as a result of which, the country is sustaining loss of millions of dollars.

On the other side, hundreds of gold manufacturing factories have been closed and thousands of workers have become unemployed/jobless.