Advisory group established to promote openness and improve the gold industry

The Federal Ministry of Industry has also announced the formation of a 15-member advisory committee for the development of the gold sector and to increase transparency in the gold trade.

Senior gold trader Haji Haroon Chand was not a member of the council, according to the notification.

This action is a reaction to the nationwide stoppage of trade activity in major gold markets as of September 13, 2023. The suspension was implemented to address problems with the currency market, including hoarding by profiteers, smuggling, price-fixing speculation, and mafia influence.

The elder brother of the governor of Sindh, Akhtar Khan Tesori, was reportedly appointed on the advisory council rather than Haji Haroon Chand, a well-known gold dealer in Karachi and a senior member of the gold community.

According to the article, the advisory committee now includes one jeweler from Swat, one from Quetta, five from Lahore, four from Karachi, three from Islamabad, five from Quetta, and four from Peshawar.

The report further stated, "The advisory council will review the current policies of gold trade, standards, certification, and value addition; in addition, it will prepare an action plan for gem and jewelry exports and give it to the federal government."

It is interesting to note that the price of gold in Pakistan reached a high of Rs240,000 in September and has subsequently fallen by around Rs50,000 in a short period of time. Gold currently costs Rs 197,000 a tola on the national average.