Islamabad, August 16, 2024 – Prime Minister Shehbaz Sharif has announced a major overhaul of Pakistan’s gemstone industry to unlock its potential and enhance the country’s export capabilities.
In a meeting held today, the Prime Minister Shehbaz emphasized the need for comprehensive reforms to revitalize this sector, which has long been underutilized.
Prime Minister Shehbaz, who will personally lead a steering committee dedicated to these reforms, has appointed Minister for Privatization Abdul Aleem Khan to oversee the implementation of the new strategies. The focus of the reforms will be a pilot project in Gilgit-Baltistan, aimed at modernizing stone mining, carving, and value addition processes to meet international standards.
“This sector has been neglected for 77 years, and we are determined to change that. The gemstone industry is a valuable asset that has been squandered due to outdated practices,” said Shehbaz during the review meeting, as reported by Radio Pakistan. He highlighted the necessity of moving away from traditional mining methods to more advanced techniques that can maximize the value of Pakistan’s gemstone resources.
The Federal Government will extend full financial support to the Gilgit-Baltistan administration for this pilot project. Sharif stressed the urgency of devising and implementing a modern action plan within a month, with a strong focus on practical outcomes and tangible results.
A significant concern addressed during the meeting was the issue of gemstone smuggling. Prime Minister Sharif has directed that a comprehensive report on smuggling, in consultation with the Gilgit-Baltistan Government, be prepared within a week. The Prime Minister also called for measures to secure internationally recognized certifications for Pakistani gemstones, a step he believes is crucial for enhancing the industry’s global competitiveness.
Currently, Pakistan holds 178 major mining licenses and has access to 18 types of precious stones. However, around 80% of the country’s gemstone exports consist of raw materials, highlighting a missed opportunity for value addition. The planned reforms aim to shift this balance, boosting domestic exports and creating new job opportunities in the sector.
In addition to these measures, Prime Minister Shehbaz has also instructed the development of a comprehensive vocational training program. This initiative will focus on equipping the Pakistani workforce with modern skills in mining, cutting, polishing, and adding value to gemstones, further supporting the industry’s growth.
These reforms mark a significant step towards transforming Pakistan’s gemstone industry into a more dynamic and economically beneficial sector, aligning it with international standards and practices.
