Launch of New Gold Platform
Published on: February 2, 2024.
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Pakistan has recently witnessed the launch of its very first formal company for offline and online gold trading. Zakariya Gold, a part of the Zakariya Group, aims to provide transparent and regulated gold trading services throughout the country.
With the objective of ensuring a controlled and monitored trading system, Zakariya Gold plans to integrate its buying and selling operations with the Federal Board of Revenue (FBR). This will allow for a tracking system to be implemented, ensuring that the process remains transparent and regulated. Muhammad Shahid Zakariya, the chairman of the Zakariya Group, highlighted this aspect during the launch event.
To establish a strong presence nationwide, Zakariya Gold plans to set up 2,300 gold labs and 820 franchises. This move is particularly significant considering that gold buying and selling in Pakistan is largely unregulated, leading to speculations, tax evasion, and black marketing. The company believes that this market holds immense potential and estimates that it can generate around Rs2,500 billion within the next five years.
Furthermore, Zakariya Gold aims to bring about a change in how gold rates are determined in the country. Instead of relying on various traditional bodies to release rates, the company will provide daily gold rates in collaboration with the Pakistan Mercantile Exchange Company (PMEX). This will ensure a more accurate and reliable mechanism for determining gold prices.
The launch of Zakariya Gold follows the government’s crackdown on individuals and entities involved in gold price speculation and black marketing. With the assistance of the Federal Investigation Agency (FIA), Federal Board of Revenue (FBR), and other law enforcement agencies, the government aims to regulate the gold market and eliminate illegal practices.
This initiative by Zakariya Group is a significant step towards bringing transparency and regulation to the gold trading industry in Pakistan. By integrating with the FBR and implementing a tracking system, the company aims to provide a secure and trustworthy platform for gold traders and buyers. With the release of daily gold rates through PMEX, Zakariya Gold aims to establish a more reliable mechanism for determining gold prices. Overall, this development is expected to boost the gold market in Pakistan and generate substantial revenue in the coming years.
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