$5b lost in precious stone smuggling

Pakistan is among eight big producers of gemstones in the world and the precious stones worth $5 billion are smuggled out of the country.

It was revealed by National Assembly's sub-committee for commerce member Gul Asghar Khan during the meeting on Friday. The total export of gemstones from Pakistan stands at only $8 million, adding that gemstones are smuggled to Thailand, which is earning billions of dollars after cutting and polishing them.

He recommended that the Afghan border should be opened for the trade of gemstones, adding 5 million people in India are associated with the business of gemstones and jewellery. He highlighted that India exported gemstones worth $45 billion, urging to establish institutes in Pakistan through an act of parliament.

The commerce ministry officials told the committee's members that the country had established Gems Stones and Jewellery Authority in 2006 with five centres but they are yet to be operationalized.

Gul Asghar Khan pointed out Pakistan's ruby is costlier than Europe's diamond.