The caretaker federal government has declared its determination to regulate the industry, which is a crucial step toward realizing Pakistan’s latent potential in the precious stones and jewelry sector.
According to reliable sources, the initiative entails the establishment of a federal agency to manage the gems and jewelry industry, with provincial authorities playing a key role in certification procedures.
The Ministry of Industries and Production took the initiative with the decision, which aims to reshape the industry. According to a recent development, the ministry will advise the acting prime minister on the impending regulatory actions.
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Officials from the Ministry of Industries claim that Pakistan has enormous potential in the precious stone and jewelry industries. However, the nation barely exports a few hundred million rupees worth of goods in this sector at the moment. In sharp contrast, India’s neighbor exports a staggering Rs. 60 billion worth of stones and jewelry.
The main goal of the rule is to increase the value of Pakistan’s gem and jewelry business by implementing cutting-edge procedures like cutting, polishing, and certification, which will all be made possible by contemporary equipment. It is anticipated that the establishment of the regulating authority and the certification procedure will bring in a sizable amount of money for the government, mostly in the form of fees. The government officials said that this source of income will support the economy.
Officials stated that these decisions were made following a careful review of the gems and jewelry task force report from the previous administration. Additionally, they said that a number of initiatives have been suggested to increase the nation’s exports of precious stones and jewels, pointing to a bright future for the industry.
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The Pakistan Gems and Jewelry Development Company’s operations, which had been put on hold since March 2019, are anticipated to resume following these legislative amendments. A decentralized strategy for advancing the industry will also see the control of Gems and Jewelry Training and Manufacturing Centers entrusted to provincial governments.
The federal government’s aggressive approach to regulating the gems and jewelry industry is viewed as a crucial first step towards maximizing Pakistan’s potential and expanding its market share.
More information is anticipated to surface after the official briefing to the caretaker premier because this is a growing story.
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