Challenges persist as gold trade crackdown lacks a silver lining

In the aftermath of a significant crackdown on the jewellery sector in September aimed at curbing speculation and smuggling, the only benefit that appears in sight so far has been the advancement of daily bullion rate announcements by three to four hours. Previously, these rates were released around sunset. However, a series of commitments made by the bullion trade representatives to law enforcement agencies to increase the sector’s transparency remain unfulfilled. Last year, the All Pakistan Gem and Jewellers Association (APGJA), led by Haji Haroon Rasheed Chand, halted the publication of daily gold prices for around a month, from Sept 13 to Oct 10, and for some more days due to the arrest of five jewellers implicated in illegal activities.