5-year plan targets export of gemstones

Govt to facilitate 610 exporters for international exhibitions under action plan

ISLAMABAD:

The federal government has decided to introduce a comprehensive five-year plan aimed at promoting the export and regularisation of Pakistan's precious gemstone sector, which officials estimate to be worth billions of dollars. Under the plan, 610 exporters will be facilitated to participate in exhibitions in international markets over the next five years to expand market access and promote legal trade.

The plan also proposes the establishment of a central authority responsible for business registration, provincial coordination and facilitation across the gemstone value chain. According to sources, the authority will include representation from both the federal and provincial governments and will be tasked with overseeing the implementation of the National Gemstone Policy.

As part of the proposed framework, a National Variety Office will be set up to support regulation and classification, while mechanisms will be introduced to ensure the return of unsold export consignments, addressing a longstanding concern of exporters involved in overseas exhibitions.

To further facilitate exporters, e-payment gateway facilities will be introduced to simplify financial transactions and reduce procedural delays. Officials said that six working groups have already been formed to promote legal trade in precious stones. These groups include those focusing on improving banking and financial matters, streamlining refunds for unsold goods, promoting innovation in the mining sector and strengthening business registration processes.

According to officials, Pakistan possesses precious stones worth over $450 billion.