ISLAMABAD: Pakistan has the potential of earning $5 billion annually through the exports of precious stones, which will have a positive impact on the national economy and create millions of jobs.

This was informed during a meeting of the Gems, Jewellery and Minerals Task Force, which was chaired by Prime Minister Imran Khan.

Currently, Pakistan has reserves of 99 types of precious stones and is the eighth largest producer in the world. Moreover, according to conservative estimates, Pakistan consumes 200 tonnes of gold annually. With effective legislation and better management of this sector, it will be transformed into a major export industry, the meeting participants said.

The gems and jewellery has been given industry status and its implementation will be ensured as per the strategy of the task force. To increase exports, special attention will be given to export promotion for which assistance will also be sought from the Pakistani embassies.

In addition, a gems and jewellery city will be set up to pool resources, provide one-window operations to address the problems being faced by the sector and provision of incentives to investors. The meeting was also informed that initially, a public-private partnership model will be adopted with the help of the existing resources. Pakistan will also actively seek sector-related certifications for access to international markets.

The participants also said the standards of precious stones and precious metals would be brought at par with the internationally recognised standards.

The meeting was also informed that despite the availability of research resources in this field, no significant progress has been made. According to the strategy, all modern standards will be introduced by utilising the research sector.

The meeting was also given a detailed briefing on the establishment of the mineral city. An area has been identified for the chemical and mineral industry in Pakistan where industrial value addition from crude minerals will not only help reduce imports but also increase exports.

On the occasion, Prime Minister Imran Khan said that the government was restructuring the sector with modern technology by changing the traditional practices of the minerals and precious stones sector, and directed for utilising all the resources that are being wasted.

He stressed a schedule to implement this strategy with clear-cut timelines, and directed to eradicate the existing barriers for investors.

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