The Pakistani government is moving to formalize an undocumented gemstone trade estimated at USD 2 billion by drafting a new National Gemstones Policy, which aims to bring the largely informal sector into the formal economy and generate billions of dollars in revenue.
The initiative, undertaken on the special directives of Prime Minister Shehbaz Sharif, was announced by the Special Assistant to the Prime Minister (SAPM) on Industries and Production, Mr. Haroon Akhtar Khan, following a meeting in Islamabad on Friday.
During discussions with Mr. Barneby Plowright, a leading gemstones exporter, Mr. Khan outlined that the new framework will grant gemstone exporters the status of an industry. This measure is intended to facilitate the documentation and regulation of the sector.
The SAPM stated that the policy is being developed to support exporters and manufacturers and will be finalized within one month. The formulation process will incorporate international best practices and successful global models to ensure its effectiveness.
Mr. Khan and Mr. Plowright also explored ways to strengthen Pakistan’s gemstone sector through comprehensive policy reforms and international collaboration. Following their discussion, the Special Assistant visited Mr. Plowright’s gemstone processing facility to observe the procedures for diamond polishing, grading, and packaging.
Highlighting the nation”s significant mineral resources, the SAPM noted that Pakistan is endowed with some of the world”s finest quality gemstones. He commended Mr. Plowright and his team for their technical expertise, innovation, and contributions to advancing gemstone processing within the country.