First Pakistani online gold trading company targets $8 billion revenue in 5 years

Pakistani women check gold jewellery at a shop in Lahore on October 11, 2018. (AFP/File)
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Updated 31 January 2024
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First Pakistani online gold trading company targets $8 billion revenue in 5 years

  • In Pakistan, gold buying and selling is not regulated, rates are released by various trade bodies
  • This results in speculative trading, under and over invoicing, tax evasion and black marketing

KARACHI: The first formal Pakistani company for the online and physical trading of gold was inaugurated in Karachi on Tuesday with the aim to generate about Rs2.5 trillion ($8 billion) revenue for the national exchequer in five years.

In Pakistan, gold buying and selling is not fully regulated, giving way to speculative trading, under and over invoicing, tax evasion, and black marketing. 

“The buying and selling will be integrated with the system of Federal Board of Revenue (FBR) and the process will be monitored with a tracking system,” Muhammad Shahid Zakariya, Chairman of Zakariya Gold Commodities, told journalists at the company’s inauguration.

“We are planning to set up 2,300 gold labs and 820 franchises across Pakistan. Our calculation shows that Rs2,500 billion can be generated from this market within five years.”

The company will release a centralized gold rate on a daily basis through the Pakistan Mercantile Exchange Company (PMEX) as compared to the current practice of rates being released by various trade bodies.

The establishment has been approved by the Securities and Exchange Commission of Pakistan and PMEX.


UNESCO lists Pakistan’s ancient Bareendo instrument as endangered cultural heritage

Updated 10 December 2025
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UNESCO lists Pakistan’s ancient Bareendo instrument as endangered cultural heritage

  • 5,000-year-old Sindhi clay wind instrument placed on UNESCO urgent safeguarding list
  • Only two known practitioners remain as Pakistan launches four-year preservation plan

ISLAMABAD: Pakistan’s 5,000-year-old folk instrument Bareendo has been added to UNESCO’s Intangible Cultural Heritage list for urgent safeguarding, the UN agency said this week, placing it among cultural traditions considered at immediate risk of disappearing.

Believed to originate in the ancient Indus Valley Civilization, the clay wind instrument is the oldest known surviving musical form in the southern Sindh province. Its soft, breath-driven tones have accompanied Sufi devotional gatherings, winter festivals and village ceremonies for generations, forming a core part of Sindh’s musical and spiritual identity.

The inscription was approved at the 20th Session of UNESCO’s Intergovernmental Committee for Intangible Cultural Heritage, which documents vulnerable cultural practices globally, from oral folklore to craftsmanship, to ensure they are preserved and passed on.

UNESCO announced the listing on X on Tuesday:

“New inscription on the Urgent Safeguarding List of Intangible Heritage: Boreendo, Bhorindo: ancient dying folk musical instrument, its melodies, knowledge, and skills.”

Pakistan’s Permanent Delegate to UNESCO, Ambassador Mumtaz Zahra Baloch, welcomed the move, calling it the recognition of a tradition preserved through centuries of community transmission.

“Bareendo is not only an emblem of the Indus Valley’s cultural continuity but also a living expression of Sindh’s artistic and spiritual heritage,” she was quoted as saying by Pakistan’s Embassy in France. 

“This recognition by UNESCO reaffirms Pakistan’s commitment to the protection and promotion of our diverse cultural traditions.”

Only two people are believed to retain full mastery of Bareendo today, musician Ustaad Faqeer Zulfiqar and master potter Allah Jurio, underscoring why the nomination was marked urgent, the embassy said. 

The nomination followed an intensive consultation process between the Sindh government, Pakistan’s Mission to UNESCO and UNESCO headquarters in Keti Mir Muhammad Loond village and led to a four-year safeguarding strategy (2026–2029). Planned measures include a community music school, integration into formal and informal education and digital archiving to open access beyond Sindh’s rural belt.

With this recognition, Bareendo joins existing UNESCO-listed intangible traditions like Suri Jagek (the astronomical knowledge of the Kalash people), Falconry, and Nowruz, the regional spring new year.