Govt approves National Policy Framework to reform gemstones sector
The government has accorded in-principle approval to a National Policy Framework aimed at reforming Pakistan’s gemstones sector and aligning it with international standards, with directions to implement all assigned actions for the current year.
Prime Minister Muhammad Shehbaz Sharif, chairing a meeting in Islamabad where he emphasized that Pakistan possesses vast gemstone reserves and emphasized the need for priority-based geological surveys to determine their location and value.
He directed that consultations with relevant institutions, provincial governments and stakeholders be ensured during the process, according to Radio Pakistan.
The prime minister instructed that immediate steps be taken to establish international-standard laboratories and certification systems, while creating a conducive environment for foreign investment should remain a top priority under the policy framework.
He further stated that two model Centers of Excellence related to gemstones be established during the current year, noting that despite abundant reserves, Pakistan’s gemstone exports remain negligible.
It was also stressed that private companies, especially young entrepreneurs, should be encouraged to enter the sector.
The meeting was informed that the Ministry of Industries and Commerce has identified key issues and developed priority policy measures which, through reforms over five years, aim to achieve a one billion dollar export target for the sector.
During the current year the policy framework will focus on integrating the gemstone value chain into the national economy, promoting value addition through in-country processing, adopting modern technology, launching private-sector training programs and introducing the “Brand Pakistan” initiative.
The prime minister also directed the Ministry of Finance to ensure the immediate provision of available financial resources for the development of the gemstones sector.
