According to association president Qasim Shikarpuri, both sides reached consensus on key issues, including taxes, sales tax, and registration in the tax net. However, negotiations broke down over Section 175C, which grants FBR officers broad audit and inspection powers.

The jewelers’ association strongly opposed the proposal to station two FBR officers at each jewelry shop, citing it as direct interference in business operations. Traders expressed concerns that officers could remain on premises indefinitely to conduct audits, which they consider unacceptable.

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Shikarpuri warned that gold traders nationwide will not accept Section 175C starting April 4, and a final decision on a potential strike will be taken after consultations over the next 48 hours.

The recent three-hour negotiation, held at FBR headquarters in Islamabad and attended by delegations from Karachi, Lahore, and Rawalpindi, ended without resolution, leaving the gold market on edge.