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.











