PM Endorses National Policy Framework for Gemstones Sector Reforms

Islamabad: Prime Minister Muhammad Shehbaz Sharif has given his in-principle approval to a comprehensive National Policy Framework targeting reforms in Pakistan’s gemstones sector, aiming to align it with international standards. During a recent meeting held in Islamabad, the Prime Minister emphasized the importance of executing the actions specified in the policy framework for the current year.

According to Radio Pakistan, the Prime Minister highlighted Pakistan’s vast gemstone reserves and stressed the need for geological surveys to ascertain the geography and value of these resources. He underlined the necessity for consultations with relevant institutions, provincial governments, and stakeholders throughout this process. Additionally, he directed the immediate establishment of international-standard laboratories and certification systems to enhance the sector’s credibility.

The Prime Minister prioritized creating a favorable environment for foreign investment within the policy framework. He proposed the establishment of two model Centers of Excellence for gemstones within the year to bolster the sector’s development. Noting that Pakistan’s gemstone exports remain minimal despite its substantial reserves, he expressed the need to encourage private companies, especially young entrepreneurs, to venture into this industry.

The meeting was informed that the Ministry of Industries and Commerce had identified key issues during the framework’s preparation. They have devised a comprehensive set of priority policy measures aimed at achieving a one billion dollar export target for the gemstone sector through reforms over the next five years.

Furthermore, the Ministry of Industries and Commerce will focus on integrating the gemstone value chain into the national economy, adding value through in-country processing, adopting modern technology, offering private-sector training programs, and launching the ‘Brand Pakistan’ initiative. The Prime Minister instructed the Ministry of Finance to ensure the immediate allocation of financial resources for the sector’s development.