Gem, jewellery exports may touch $1.5 billion mark

Gem and jewellery sector has the potential of fetching 1.5 billion dollars exports in next three years. Its expansion and exports, however, depend on providing the sector with latest technology, training and supportive infrastructure, according to Ahmad Jawad, member export, Islamabad Chamber of Commerce and Industry (ICCI).
Talking to Business Recorder, he said that export of gems and stone of the country should increase up to dollars 1.5 billion during next three years, which currently stands at dollars 300 million annually. He regretted that absence of specific gem-related mining policy, obsolete mining machinery, shortage of skilled manpower, dearth of creativity, lack of global market knowledge and export methodology are hurting the entire sector in a big way. Unless right measures are taken, there are hardly any chance for Pakistan to get the right share out of the total world gems and jewellery exports.
It was very alarming that despite having huge mineral resources, Pakistan's share in total world export is very small as against neighbouring country India which has a share of more than 13 percent with exports worth dollars 19 billion while China and UAE are making dollars eight billion and dollars 7.1 billion respectively, he said.
Pakistan is gifted with abundant resources of several precious and semi-precious gemstones, presently found mostly in Northern Areas and Khyber Pakthunkhawa (KPK), and a huge future potential in Balochistan. Most important of the currently found stones are emeralds of Mingora (Swat), pink and golden topaz of Katlang (Mardan) and aquamarine of Chitral and Neelam Valley. Due to lack of realisation of its importance, those who are engaged in mining, cutting, polishing and trading of gemstones in Pakistan have not been able to exploit the full potential of this sector.
Jawad said the government would have to come up with a solid strategy to give boost to this sector and suggested establishment of training centres on the pattern of Thailand for skill development of the people attached with this sector. "A lot of precious stones go waste due to old excavation methodology that needs to be taken care of if we want to make our presence felt in the international market."
He said United States was the largest consumer of gems and jewellery followed by the European Union, and Pakistan having huge resources of precious stones, could mange to have a reasonable place in that market provided basic techniques and modern methodology are adopted.
He further said Pakistan was blessed with natural resources in every sector and if "we explore them in proper way we don't need any financial assistance from international community." Prime Minister Syed Yusuf Raza Gilani has constituted a committee to finalise recommendations to increase export of valuable gems and jewellery to dollars 5.5 billion by 2017.
He gave those directions while chairing a meeting on the export promotion strategy for gems and jewellery organised by Pakistan Gems and Jewellery Development Company (PGJDC). He directed that emphasis should be laid on manufacturing and marketing of gems and jewellery in the country. He has also constituted a committee consisting of secretaries of finance, commerce, productions and Chairman FBR to finalise recommendations for consideration of Economic Co-ordination Committee of the cabinet.