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.


Bodies of Pakistani nationals who died attempting illegal migration repatriated from Iran

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Bodies of Pakistani nationals who died attempting illegal migration repatriated from Iran

  • Pakistan’s envoy in Tehran warns youth against human smugglers after deaths in harsh weather
  • Pakistan reported sharp fall in illegal migration to Europe this year amid nationwide crackdown

ISLAMABAD: The bodies of two Pakistani nationals, who died near the Iran-Türkiye border after attempting to travel illegally to Europe, have been repatriated to the country, said a senior diplomat on Tuesday, reiterating warnings against human smugglers amid an intensified crackdown by authorities in Islamabad on illegal migration.

Pakistan says it has stepped up action against illegal immigration and human trafficking in recent years, reporting a 47% drop in illegal migration to Europe this year and the arrest of more than 1,700 suspected human smugglers, according to official figures.

However, people continue to attempt dangerous irregular journeys in search of work and better economic opportunities abroad.

“The mortal remains of Pakistani nationals Mr. Armanullah s/o Gul Rahman and Mr. Ihtasham s/o Mukhtar Gul, both residents of Nowshera, have been repatriated to Pakistan through Taftan border earlier today,” Pakistan’s ambassador to Iran, Muhammad Mudassir Tipu, said in a post on social media platform X. “Both had fallen victim to the greed of human smugglers and lost their lives in extremely harsh weather conditions near Iran’s border with Turkiye.”

“I once again request the youth back home not to be trapped by human smugglers and instead follow the legal path to travel abroad,” he added, thanking the government of the Balochistan province in Pakistan for arranging the transportation of the bodies and offering condolences to the victims’ families.

The issue illegal immigration has drawn heightened scrutiny since 2023, when hundreds of people, including Pakistani nationals, died attempting to cross the Mediterranean Sea in an overcrowded vessel that sank off the Greek coast, prompting Islamabad to launch nationwide investigations into human smuggling and trafficking networks.

Authorities have since arrested Pakistani and foreign nationals at airports with forged travel documents, highlighting the scale of document fraud linked to illegal departures.

In September, the Federal Investigation Agency (FIA) released a list of more than 100 of Pakistan’s “most wanted” human smugglers and identified major trafficking hubs across Punjab province and the capital, Islamabad.

Earlier this month, Pakistan announced plans to roll out an artificial intelligence-based immigration screening system at Islamabad airport from January, aimed at detecting forged documents and preventing illegal travel abroad, as part of broader efforts to curb human smuggling and unauthorized migration.