The Pakistan jewellers strike suspends official bullion price reporting nationwide as the FBR tax standoff deepens across major trading hubs
Pakistan’s bullion market is in unprecedented chaos. Gold and silver prices have stopped updating nationwide after jewellers across the country launched a coordinated strike against what they describe as harassment and excessive tax demands by the Federal Board of Revenue.
Industry sources confirmed that jewellers have refused to log their routine market sessions. These sessions are used to formally declare gold and silver rates across Pakistan. Without them, official bullion pricing has effectively frozen. Some unverified sources continue posting rates. However, none carry the authority of the main sarafa bazars.
From Karachi to Lahore and other major trading hubs, both small and large jewellery dealers shut down operations from Tuesday. The Pakistan jewellers strike is coordinated, nationwide, and shows no signs of ending soon.
The last officially recorded gold price was Rs. 455,136 per tola, after a jump of Rs. 10,800 on Monday. The price of 10 grams had also climbed by Rs. 9,720 to settle at Rs. 389,600. Meanwhile, silver markets have gone equally silent. The last recorded silver rate stood at Rs. 7,509 per tola before the strike began.
The dispute centers on what the industry calls unjust and disproportionate tax demands. The jewellery sector says it currently contributes around Rs. 22 billion in annual taxes. Furthermore, it has offered to double that contribution to Rs. 44 billion as a goodwill gesture. Despite this, jewellers say the FBR continues to subject them to excessive demands that threaten the viability of their businesses. Therefore, they will not call off the strike unless the tax regulator softens its stance.
The All Pakistan Sarafa Gems and Jewellers Association has backed the action fully. Sources warned that a prolonged disruption could destabilize bullion pricing and damage investor confidence across Pakistan’s precious metals market.
The standoff puts the FBR in a difficult position. The bullion market serves as a critical reference point for investors, traders, and consumers across the country. Additionally, a frozen price mechanism creates conditions for speculation and misinformation to fill the gap left by official reporting.
For now, Pakistan’s gold market remains in a state of suspension. The longer the standoff continues, the greater the risk of lasting damage to market credibility and trader confidence.
