Islamabad July 07, 2021: A Gems and Jewellery City will be set up to pool resources, provide one-window operations to address the problems the sector is facing and provide incentives to investors, decided in a meeting chaired by Prime Minister.
Pakistan has a potential of USD 5 billion annually in terms of exports of precious stones which will have a positive impact on the national economy and create millions of jobs
Prime Minister Imran Khan chaired a meeting of the Gems, Jewellery and Minerals Task Force. The meeting was attended by Federal Minister for Industry Makhdoom Khusro Bakhtiar, Special Assistant Dr. Shahbaz Gill, Chairman Gems and Jewelery Task Force Engineer Gull Asghar Khan, Atif Khan, members of the task force and relevant senior officers. During the meeting, recommendations were made to the Prime Minister on the restructuring of the Gems, Jewelery and Minerals Division of the Task Force and the proposed Mineral City.
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Pakistan currently has reserves of 99 types of precious stones and is the eighth largest producer in the world
Moreover, according to conservative estimates, Pakistan consumes 200 tons of gold annually. With effective legislation and better management of this sector, it will be transformed into a major export industry. The meeting was informed that Gems and Jewellery has been given industry status and its implementation will be ensured as per the strategy of the task force.
In order to increase exports, special attention will be given to export promotion for which assistance will also be sought from Pakistani embassies. Initially, a public-private partnership model will be adopted using existing resources. Pakistan will also actively seek sector-related certifications for access to international markets. It will not only improve the standards of not only precious stones but also precious metals, but will bring the current standards at par with internationally recognized standards.
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The meeting was also informed that despite the availability of research resources in this field, no significant progress has been made. According to the strategy, all modern standards will be introduced by utilizing the research sector. The meeting was also given a detailed briefing on the establishment of Mineral City. An area has been identified in for the chemical and mineral industry in Pakistan where industrial value addition from crude minerals will not only help reduce imports but also increase foreign exchange from exports.
The government was restructuring the sector with modern technology by changing the traditional practices of the minerals and precious stones sector
Says Prime Minister Imran Khan
The Prime Minister further directed that all the resources that are being wasted should be utilized and a schedule should be worked out for the implementation of this strategy with clear-cut timelines as well as the existing barriers for investors should be eradicated.
