Pakistan finalizes national gemstones policy to formalize sector

Pakistan has finalized a National Gemstones Policy aimed at formalizing the largely undocumented sector, reducing waste and transforming it into a competitive, export-oriented industry, officials said.

Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan chaired a high-level meeting to review and approve the policy, which introduces new statutory oversight, export facilitation measures and a comprehensive regulatory framework.

During the meeting, working groups on import-export procedures, banking and finance, and return and refund policies presented recommendations that were incorporated into the final draft. Khan said the policy and quality standards had been aligned with international benchmarks after extensive consultations with industry experts.

The policy is aligned with the economic vision of Prime Minister Muhammad Shehbaz Sharif and focuses on accelerating growth, promoting value addition and improving Pakistan’s competitiveness in global gems and jewelry markets, Khan said.

Officials acknowledged that the sector currently faces major structural challenges, including unscientific extraction and processing methods that result in up to 50% wastage. Despite significant natural reserves, Pakistan’s gemstone exports have remained limited to about $5 million to $7 million annually in recent years.

To address these issues, the policy prioritizes formalization and documentation of the entire gemstones value chain. The government plans to offer targeted financing, streamlined facilitation and incentive-based support to encourage investment and modernization.

A key feature of the policy is the establishment of a new statutory authority to act as custodian of the sector, coordinate among government agencies and facilitate businesses. The policy also calls for the creation of a National Warranty Office and the setting up of commercial desks at airports to support exporters.

According to officials, the National Warranty Office will provide integrated services for gemstone exports, including certification and packaging, aimed at increasing transparency and efficiency. Additional proposals include improved courier services, access to international digital banking solutions such as Nayapay, and simplified online registration for exporters.

Khan described the gemstones industry as a potential billion-dollar sector, saying that regulatory reforms and proper documentation could significantly contribute to economic growth. He said all measures under the policy are designed to expand exports, formalize the industry and provide maximum facilitation to exporters.