PM approves policy framework to reform gemstones sector

Islamabad (APP): Prime Minister Shehbaz Sharif on Friday gave in-principle approval to the National Policy Framework to reform the gemstones sector, align it with international standards, and provide a conducive environment for foreign investment.

The prime minister, chairing a high-level meeting here on the country’s gemstone reserves, sectoral reforms, export enhancement, and implementation of modern technology, directed strict adherence to the timeline for actions outlined in the policy framework this year.

Citing vast reserves of gemstones in Pakistan, he instructed geological surveys to determine the geography and value of these reserves, ensuring full consultation with all relevant institutions, provincial governments, and stakeholders.

The prime minister also instructed immediate measures to establish international-standard laboratories and certification systems.

Prime Minister Shehbaz directed the establishment of two model Centers of Excellence for gemstones in the country this year and engaging the internationally acclaimed experts to resolve obstacles in policy implementation.

He said that the country’s gemstone exports were negligible comparing immense reserves, and called for encouraging private companies, especially young entrepreneurs, to invest in the sector.

Highlighting the globally-famed quality of Pakistan’s precious stones, he said that curbing smuggling and promoting legal exports would bring in billions of dollars in foreign exchange.

The prime minister also instructed the finance ministry to immediately release available funds to uplift the sector.

The participants of the meeting were briefed on Pakistan’s gemstone potential, regional comparisons, required measures for export growth, and the National Policy Framework’s structure, objectives, and implementation timelines.

It was told that Pakistan’s gemstone reserves valued at around $450 billion while annual exports stood merely at $5.8 million. Over 5,000 companies are processing more than 30 types of precious stones in the country. Leading reserves include emerald, peridot, ruby, topaz, and aquamarine.

The Ministry of Industries and Production has formulated a comprehensive action plan identifying challenges and priority measures to achieve a $1 billion export target over five years through reforms. This year, the ministry will integrate the gemstone value chain into the national economy, promote local processing for value addition, adopt modern technology, launch private sector training programs, and introduce Brand Pakistan.

The key elements of the framework include an international-standard certification regime, establishment of a dedicated authority for sector development and investment, a National Warranty Office, geological mapping, modern mining technology, Brand Pakistan promotion, and Centers of Excellence.

The meeting was attended by Federal Ministers Azam Nazir Tarar and Ali Pervaiz Malik, Minister of State Bilal Azhar Kayani, Special Assistant Haroon Akhtar, and senior officials.