ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif has approved a National Policy Framework aimed at tapping into Pakistan’s gemstone sector, which holds reserves worth an estimated $450 billion. Despite this immense potential, the country’s annual gemstone exports currently total only $5.8 million. With the new plan, the government aims to boost exports to $1 billion within the next five years.
In his directive, Shehbaz emphasized the need to set up Centres of Excellence to train experts for the gemstone industry and to create international-standard testing labs. He also called for the establishment of a formal certification and warranty system for gemstones.
The primary objective of this initiative is to transition gemstone exports from illegal smuggling routes to legitimate, documented trade channels, which will lead to significant foreign exchange inflows.
Additionally, the prime minister instructed the Ministry of Finance to allocate immediate funds for geological surveys to map the location, quality, and value of Pakistan’s gemstone deposits, including emeralds, rubies, peridot, topaz, and aquamarine.
