Pakistan to set up 'Gem and Jewelry City' in Islamabad to highlight precious stones sector
Business
Pakistan has significant gemstone reserves
ISLAMABAD (Web Desk) Pakistan’s government has decided to establish a specialized “Gem and Jewelry City” in the capital, state-run media reported on Wednesday, in its bid to promote the precious stones and attract foreign investment in the sector.
Pakistan has significant gemstone reserves, particularly in its northern and northwestern regions, which include a variety of high-quality stones such as peridot, aquamarine, topaz, ruby and emerald.
There are 18 types of gemstones in Pakistan for which 178 major mining licenses have been issued. According to Pakistani state media, 80 percent of Pakistan’s gemstone exports are in raw form.
“A gem and jewelry city will be established in Islamabad,” state broadcaster Radio Pakistan reported, adding that the decision was taken after a meeting of the Prime Minister’s Committee on Precious Stones in the capital.
Industries and Production Minister Rana Tanveer Hussain chaired the meeting with Communications Minister Aleem Khan, Commerce Minister Jam Kamal and other officials attending it.
“It was also decided to establish an authority for the effective use of precious stones,” Radio Pakistan added.
The meeting also agreed to set up a Gemstone Export Processing Center to facilitate foreign investment in the gemstones sector, the state-run media reported. It also said that the government would set up jewelry and gemstone centers at international airports across the country.
In May, Prime Minister Shehbaz Sharif spoke of granting industry status to Pakistan’s gemstone sector, citing its economic potential following a 47 percent increase in the export of pearls and precious stones to China in 2023.
In August, PM Shehbaz Sharif instructed relevant authorities to prepare a strategy for gemstone mining in the Gilgit-Baltistan region within a month to minimize unnecessary wastage and enhance export revenue from precious stones.
