Special Assistant to the Prime Minister (SAPM) on Industries and Production Haroon Akhtar Khan on Tuesday chaired a meeting to review and finalize the National Gemstones Policy, aimed at unlocking the vast untapped potential of Pakistan’s gemstones sector.
During the meeting, specialized working groups on Import-Export, Banking and Finance, and Return & Refund Policies presented their recommendations for inclusion in the policy framework, said a news release.
Haroon said that, following extensive consultations with experts, the policy and quality standards have been aligned with international benchmarks.
In line with the vision of Prime Minister, the policy focuses on accelerating growth, promoting value addition, and transforming the gemstones industry into a competitive export-oriented sector.
He emphasized that there is a strong consensus that Pakistan can emerge as a leader in the global gems and jewelry market.
Highlighting existing challenges, the SAPM noted that the gemstones sector currently suffers from high wastage, limited value addition, and declining exports.
Due to unscientific extraction and processing methods, up to 50 percent wastage occurs at various stages. Despite enormous potential, gemstone exports have remained limited to $ 5-7 million in recent years.
Haroon Akhtar underscored that, following stakeholder consultations, formalization and documentation of the entire gemstones value chain has been made a top priority of the policy.
To stimulate growth, the government will provide targeted financing, streamlined facilitation, and smart incentives for the sector.
Under the National Gemstones Policy, a new Statutory Authority will be established to act as the custodian of the policy, facilitate businesses, and ensure effective inter-agency coordination.
The policy also proposed the establishment of a National Warranty Office, along with commercial desks at airports to support gemstone exporters.
The National Warranty Office will offer an integrated, transparent, and efficient system for gemstone exports, including packaging and certification services.
Additionally, proposals include the provision of efficient courier services, international digital banking solutions such as Nayapay, and easy online registration mechanisms to further facilitate exporters.
Terming the gemstones industry a billion-dollar sector, Haroon Akhtar said that proper documentation and regulatory reforms would significantly boost Pakistan’s economy.
He concluded by reaffirming that all policy measures are geared toward enhancing exports, formalizing the sector, and providing maximum facilitation to exporters.