In a significant move aimed at harnessing Pakistan’s untapped potential in the precious stones and jewelry sector, the caretaker federal government has announced its decision to regulate the industry.
Well-informed sources told ProPakistani the move involves the creation of a federal-level authority dedicated to overseeing the gems and jewelry sector, while provincial authorities will play a pivotal role in certification processes.
The decision, which is aimed at reshaping the industry, was initiated by the Ministry of Industries and Production. In a recent development, the ministry is scheduled to provide a briefing to the caretaker Prime Minister regarding the upcoming regulatory measures.
According to officials from the Ministry of Industries, Pakistan holds immense potential in the field of precious stones and jewelry. However, the country’s current exports in this sector are relatively modest, amounting to only a few hundred million rupees. In stark contrast, neighboring India’s gems and jewelry industry exports stand at a staggering Rs. 60 billion.
The core objective behind the regulation is to add value to Pakistan’s gems and jewelry industry through cutting-edge processes like cutting, polishing, and certification, all of which will be facilitated by modern machinery. The establishment of the regulatory authority and the certification process is expected to generate substantial revenue for the government, primarily through fees. This revenue stream will help bolster the economy, officials added.
Officials noted that these actions were decided upon after a thorough evaluation of the former government’s task force report on gems and jewelry. Furthermore, they revealed that various measures have been proposed to boost the country’s exports of precious stones and gems, indicating a promising future for the sector.
In the wake of these regulatory changes, the operations of the Pakistan Gems and Jewelry Development Company, which had been suspended since March 2019, are expected to be revitalized. Additionally, the management of Gems and Jewelry Training and Manufacturing Centers will be transferred to provincial governments, marking a decentralized approach to furthering the industry.
The federal government’s proactive stance on regulating the gems and jewelry sector is seen as a pivotal step towards unlocking Pakistan’s potential and boosting its presence in the global market.
This is a developing story, and more details are expected to emerge following the official briefing to the caretaker premier.
Source: Pro Pakistani