The federal government of Pakistan is in the final stages of crafting a comprehensive National Gemstones Policy, a strategic move designed to harness the country's immense but underutilized mineral wealth. This initiative aims to transform the sector into a major contributor to the national economy.
High-Level Meeting Reviews Policy Framework
In a significant step forward, Special Assistant to the Prime Minister on Industries and Production, Haroon Akhtar Khan, recently presided over a high-level meeting to review and finalize the policy draft. The session saw specialized working groups focusing on Import-Export, Banking and Finance, and Return & Refund Policies present their detailed recommendations for inclusion in the final framework.
Haroon Akhtar Khan announced that, after extensive consultations with industry experts, the policy and its quality standards have been aligned with international benchmarks. He stated that the policy is crafted in line with Prime Minister Muhammad Shehbaz Sharif's vision, with a core focus on accelerating growth, promoting value addition, and making the gemstones industry a competitive, export-oriented powerhouse. He expressed a strong consensus that Pakistan has the potential to become a leader in the global gems and jewelry market.
Addressing Critical Challenges and Proposing Solutions
The SAPM did not shy away from highlighting the sector's pressing issues. He pointed out that the industry currently suffers from high wastage rates, limited value addition, and declining exports. Alarmingly, due to unscientific extraction and processing methods, wastage can reach up to 50 percent at various stages. Consequently, despite its enormous potential, Pakistan's gemstone exports have stagnated at a mere $5 to $7 million annually in recent years.
To counter these challenges, Khan underscored that formalizing and documenting the entire gemstones value chain has been made the policy's top priority, based on stakeholder input. The government plans to stimulate growth through targeted financing, streamlined facilitation, and smart incentives for businesses in the sector.
New Institutions for a New Era
The National Gemstones Policy proposes the establishment of key institutions to ensure its effective implementation:
- A new Statutory Authority will be created to act as the policy's custodian, facilitate businesses, and ensure smooth inter-agency coordination.
- A National Warranty Office will be set up to provide an integrated, transparent, and efficient system for gemstone exports, handling packaging and certification.
- Commercial desks at major airports will be established to offer dedicated support to gemstone exporters.
Furthermore, the policy includes proposals for efficient courier services, international digital banking solutions like Nayapay, and easy online registration mechanisms to further ease the process for exporters.
Terming the gemstones industry a billion-dollar sector, Haroon Akhtar Khan concluded that proper documentation and regulatory reforms would give a significant boost to Pakistan's economy. He reaffirmed that all policy measures are ultimately geared toward enhancing exports, formalizing the sector, and providing maximum facilitation to exporters.
