Pakistan is grappling with a staggering loss in its gemstone industry, where outdated mining practices are causing the wastage of nearly half the country’s precious stone output, a crisis that leaves a potential USD 2 billion in exports almost entirely untapped, according to a top-level government committee.
The Prime Minister’s Committee on Gemstone Policy convened on Friday to review a comprehensive strategy aimed at modernizing the sector, improving documentation, and substantially expanding export revenues from the nation’s mineral wealth.
During the meeting, officials voiced grave concern over the inefficiency plaguing the industry. Briefings revealed that an astonishing 50% of the country’s gemstone yield is squandered due to antiquated extraction methods and obsolete equipment.
The problem is further compounded by non-scientific blasting and drilling techniques, which result in an additional loss of 30-40% of valuable stones. This means a significant portion of the potential mineral wealth is destroyed before it can even be recovered.
Special Assistant to the Prime Minister, Haroon Akhtar Khan, who chaired the session, identified the absence of international cooperation and investment as a primary obstacle hindering the sector’s advancement. He asserted that introducing modern mining technologies could dramatically elevate both production and foreign sales.
Attendees, including Minister of State for Finance and Railways Bilal Azhar Kayani and Adviser to the Prime Minister Rana Ihsan Afzaal, were informed that the majority of gemstones are currently shipped abroad in their raw form. This lack of value addition severely diminishes Pakistan’s export earnings.
Mr. Khan emphasized that Pakistan’s gemstone exports could multiply if proper processing facilities and contemporary techniques were adopted. The committee noted the stark disparity between the sector’s undocumented export potential of nearly USD 2 billion and the formally recorded figure of just USD 7 million.
Highlighting another area of unrecorded trade, Khan pointed out that nephrite exports remain completely off the books. He directed stakeholders to prepare a detailed five-year export analysis to formulate a clear roadmap for sectoral reforms and sustainable growth.