Monday, March 4, 2024

The Value Of Gemstone Exports Might Reach $32 Billion

According to Chairman of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Qurban Ali, Pakistan has the ability to increase its yearly gemstone exports to $32 billion in order to enhance the country’s economy.

“We need to develop a technology and innovation-driven sector to attract international investors from the European Union and the United States to exploit the full potential of Pakistan’s precious and semi-precious stones,” he said.

He pointed out that Hunza was the only other place in the world with blood red ruby reserves, after Burma. He went on to say that the scenic Swat Valley was home to some of the world’s finest emeralds.

In order to boost Pakistan’s sector in the international arena, he believes that gem testing labs should be established.

He added in a statement on Tuesday that gemstone exporters must embrace innovation and new technology in order to boost the value of precious and semi-precious stones and increase their competitiveness in the international market.

He discovered that precious stones were mostly located in inaccessible areas of Pakistan’s hilly highlands in the south and north.

Furthurmore, he urged the government to help the industry by adopting cutting-edge technology, claiming that if contemporary machinery and techniques are used for extraction, cutting, and polishing, as well as for gemstone promotion, the sector might create significant cash for the country.

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