“A Polished Vision: Reflections on Reforming the Gemstones Sector”

In a country where the earth holds glittering promise beneath its rugged surface, a new chapter in economic planning has been unveiled — one that seeks to bring hidden treasures from informal trade into the clear light of global markets. On Friday in Islamabad, Prime Minister Muhammad Shehbaz Sharif granted in-principle approval to a National Policy Framework aimed at reforming Pakistan’s gemstones sector, a move officials describe as vital to unlocking the industry’s vast potential.

For decades, Pakistan’s gemstone riches — including emeralds, rubies, peridot, topaz and aquamarine — have been admired for their quality, yet this beauty has yielded limited economic benefit in formal channels. Despite reserves valued at around $450 billion, annual exports have languished at just roughly $5.8 million, a figure that underlines how far the industry has remained from its promise.

The newly approved framework sets a bold, tangible target: raise gemstone exports to $1 billion within the next five years. To achieve this, the policy outlines a series of coordinated reforms designed to integrate the sector into the national economy, enhance credibility, and attract investment. Among the directives are the establishment of at least two Centres of Excellence this year, which would serve as hubs for expertise, innovation, and skills development that meet global standards.

Recognising that global buyers demand assurance of quality, the framework also calls for international-standard testing laboratories and a formal certification and warranty system to enhance trust in Pakistani gemstones. Alongside these technical upgrades, the policy places emphasis on geological surveys to map and value the country’s deposits, as well as the promotion of private sector participation — especially by young entrepreneurs — to invigorate processing, design, and international branding.

The prime minister underscored the need to shift exports away from illegal smuggling routes toward documented and legitimate trade channels, a transition expected to generate significant foreign exchange inflows and employment while nurturing domestic value addition. Officials from various ministries attending the high-level meeting highlighted the importance of stakeholder engagement, coordination with provincial governments, and the release of necessary funds to ensure the policy’s swift implementation.

While challenges remain — from regulatory bottlenecks to infrastructure needs — the policy framework represents a strategic pivot for an industry long overlooked. By aligning natural wealth with institutional support and international standards, Pakistan aims to illuminate its gemstone sector not simply as a source of raw beauty but as a cornerstone of broader economic growth.

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Sources Pakistan Today (Profit) Radio Pakistan Business Recorder Daily Times Arab News Pakistan