A new study by the Competition Commission of Pakistan (CCP) reveals that Pakistan consumes between 60 and 90 tonnes (≈ 60,000–90,000 kg) of gold annually—equivalent to about US $8–12 billion in value—yet more than 90% of this trade occurs informally.

The report notes that about 70% of gold demand stems from weddings and cultural festivities. At the same time, official figures show only US$17 million worth of gold was imported in FY 2023-24, underlining a large gap between documented and actual trade.

Regulators warn that weak oversight, lack of hallmarking, and opaque pricing fuel smuggling, under-invoicing, and consumer risk.

To tackle the problem, CCP recommends establishing a unified regulatory authority, enforcing mandatory hallmarking, implementing digital traceability, potentially using blockchain, and introducing a “gold-banking” system to channel household holdings into the formal economy.