LAHORE: The Gold & Gems Art Promotion Council of Pakistan (GGAPCP) has urged Caretaker Federal Finance Minister Dr Shamshad Akhtar and State Bank of Pakistan Governor Jameel Ahmed to establish a gold bank at national level for dealing with fluctuation in gold prices.
GGAPCP President Muhammad Ahmed while addressing a meeting held to review election arrangements for new office-bearers of the council here on Friday, said the government should control gold prices as ever-rising prices of the yellow metal were affecting small businessmen.
Mr Ahmed, who is also FPCCI Regional Standing Committee Convener for Gems & Jewellery, and Chairman Lahore Division Sarafa and Jewellers Association, said if a gold bank was set up in the country, people could be able to buy the yellow metal direct from the bank, which would end the role of middlemen. He was of the view that the government could control prices of gold like it regulates the prices of petroleum products and other commodities.
The GGAPCP president further said the government had granted the gems and jewellery sector the status of industry in 2005, but facilities to the industry could not be provided accordingly.
Muhammad Ahmed also demanded the government to remove impediments to gold and jewellery exports which would not only promote the industry but also help increase foreign exchange.
