Negotiations between the Federal Board of Revenue (FBR) and the All Pakistan Sarafa, Gems, and Jewellers Association ended without a resolution, raising the threat of a countrywide gold market shutdown within 48 hours.

According to association president Qasim Shikarpuri, both sides managed to find common ground on issues such as taxation, sales tax, and registration. However, the major disagreement centered on Section 175C, which governs audit and inspection powers.

The jewelers strongly oppose the FBR’s proposal to station two officers at every jewelry shop, arguing that unlimited audits constitute direct interference in their business operations. Traders warned they would not accept the implementation of Section 175C starting April 4, with a final decision on a nationwide strike expected after consultations in the coming two days.

The latest meeting at FBR headquarters in Islamabad included delegations from Karachi, Lahore, and Rawalpindi and lasted nearly three hours but ended without a breakthrough, leaving the gold market tense over the looming threat of a shutdown.