According to the All Pakistan Sarafa Gems and Jewellers Association, the rate of 10 grams of 24-karat gold climbed by Rs2,915, now standing at Rs337,534. The 22-karat variant also recorded an increase of Rs2,672 per 10 grams, taking the price to Rs309,417.
In the international bullion market, gold gained strength too. Prices rose by $34 per ounce, settling at $3,719 compared to $3,685 the day before.
Silver also followed the same path. The price of 24-karat silver per tola rose by Rs63 to Rs4,595, while 10 grams increased by Rs54, now valued at Rs3,939. Globally, silver gained $0.63 per ounce to settle at $43.68.
But while gold and silver sparkle, jewellers in Punjab are under intense scrutiny. The Federal Board of Revenue (FBR) has collected data on more than 60,000 jewellers. Out of these, only about 21,000 are registered, and shockingly, just 10,524 have filed tax returns.
Officials revealed that many jewellers are hiding actual income by underreporting sales. The department has already prepared a list of 900 jewellers from Lahore, Rawalpindi, Faisalabad, and Multan for the first phase of action.
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Notices are being issued, questioning why businesses handling millions are contributing such low taxes. Authorities said that the returns filed do not match the lifestyle, properties, and sales of many traders.
Thousands of jewellers remain outside the tax net altogether. FBR confirmed that the entire jewellery sector will be brought under the tax system. However, it assured that no trader or industrialist will receive unnecessary notices.
According to officials, the principle is simple: if every citizen pays tax honestly, the economy can be strengthened and the country can move forward.
The rise in gold and silver prices adds pressure on ordinary people, but jewellers now face a bigger storm. While citizens pay more for essentials, traders are accused of hiding income worth millions. FBR’s crackdown could expose deep-rooted tax evasion. If this campaign is handled fairly, it may not only increase revenue but also bring long-term transparency to the jewellery market.
