ISLAMABAD: A special committee on Gemstone Policy constituted by the Prime Minister (PM) highlighted the issues related to the gemstones and observed that the country’s real gemstones export potential is over USD 2 billion per annum while actual gemstone export is undocumented.
A meeting of PM’s Committee on Gemstone Policy was held here on Friday under the chairmanship of Special Assistant to the Prime Minister (SAPM) Haroon Akhtar Khan. The meeting decided to document gemstone trade aiming at boosting exports. The committee further stressed the need for gemstone sector modernization which would help enhance exports.
The Committee noted that nearly half of the total gemstone output is wasted due to outdated mining practices and obsolete technology.
The body further observed that 30–40 percent of precious stones are lost because of non-scientific blasting and drilling methods. It was also emphasized that a significant portion of gemstones is exported in raw form without value addition, reducing Pakistan’s export potential.
The Committee pointed out that the sector faces serious challenges due to the lack of international cooperation and investment. Haroon Akhtar Khan stated that the use of modern mining technologies can substantially enhance both gemstone production and exports.
He added that comprehensive value addition to gemstones could multiply export figures. Pakistan currently holds an undocumented export potential of USD 2 billion in the gemstone sector, while only USD 7 million worth of gemstone exports are formally recorded at present.
Haroon Akhtar Khan also noted that nephrite exports remain largely undocumented and directed stakeholders to present a clear five-year export analysis for the gemstone sector.
Minister of State for Finance and Railways Bilal Azhar Kayani and Adviser to the Prime Minister Rana Ihsan Afzaal also attended the meeting.
