Pakistan has suffered significant losses in its gemstone industry, with an estimated $5 billion worth of gemstones being smuggled out of the country.
This issue was discussed in a meeting led by Atif Khan, where the challenges facing the sector were brought to light. One of the main concerns is that the Gemstone and Jewelry Authority, along with its centers, has not been operational since 2006, leaving the industry without proper oversight or support.
Pakistan is the 8th largest producer of gemstones globally, yet its exports are shockingly low. Currently, the country only exports about $8 million worth of gemstones each year, a huge decline from its previous peak of $1.4 billion.
Much of the gemstone trade is lost to smuggling, with the majority of these precious stones being illegally transported to Thailand, where they are sold for much higher prices.
To address this problem, the government is planning to establish a new Gemstone and Jewelry Facilitation Wing. This new department will be tasked with revitalizing the industry, improving regulations, and curbing the smuggling of valuable gemstones.
The committee members emphasized the need for a strong legal framework to enhance the industry’s potential and ensure that Pakistan benefits from its gemstone resources. By creating stricter laws and providing better support, the hope is to increase exports and bring back the industry’s lost value.
