ISLAMABAD: The Prime Minister’s Steering Committee for Gems and Stones has approved several key reforms aimed at promoting the sector during a meeting chaired by Federal Minister Abdul Aleem Khan, who also serves as the Chairman of the Steering Committee. The meeting was attended by federal ministers, secretaries, senior officials, and representatives from the private sector, who discussed the proposed reforms in detail.
One of the major decisions was to align the gems and stones sector with the Ministry of Industry, granting it formal status. This proposal, recommended by the sub-committee, received wide support from the participants.
Federal Minister Abdul Aleem Khan emphasized the government’s collaborative efforts with the private sector to uplift the gems and stones industry. “We are advancing through coordinated measures to boost currency exchange and exports, with swift and strategic decisions aimed at developing this sector,” said Mr. Khan.Â
He also noted that once fully established as a formal industry, the gems and stones sector would significantly benefit the national economy.
He further highlighted that the committee is committed to improving infrastructure and providing a solid platform for the industry. Final approval for the proposed reforms and other relevant issues will be sought from the Prime Minister. Consultations have included Federal Minister for Petroleum Musadaq Malik, Minister for Commerce Jam Kamal Khan, and Minister for Industries Rana Tanveer Hussain.
In a key decision, it was agreed that all future decisions regarding the development of the gems and stones sector would be made by the private sector. The meeting also approved the formation of a Gems and Stones Council, with its chairman to be appointed from the private sector and granted full authority over operations.
Mr. Khan described the meeting as productive and commended the participants for their efforts. He stressed that the gems and stones industry, being a high-value sector, deserves maximum support and facilities.
During the meeting, Mr. Khan issued instructions to various ministries and departments to resolve related issues. There was also a detailed discussion about activating the gems and stones sector as a company rather than an authority. Federal Secretary for Petroleum and senior officers provided their input on various aspects.
Representatives from the private sector expressed their gratitude to Mr. Khan for considering their suggestions and showing a strong commitment to the industry’s development.Â
Minister Aleem Khan also announced that members of the Steering Committee, along with federal ministers, would soon visit Gilgit-Baltistan, Khyber Pakhtunkhwa, and Azad Kashmir to review the performance and processes of institutions already active in the gems and stones sector.
Meanwhile, in a statement, the Gems & Jewellery sector called for an immediate reduction in interest rates following the recent drop in inflation.
The country’s inflation rate fell to 9.6% in August, the lowest level in nearly three years, due to a higher base effect and reduced prices for non-perishable food items.
Following this reduction, Engr. Muhammad Adnan Qadri, Convener of the FPCCI Central Standing Committee on Gems & Jewellery, strongly urged the State Bank of Pakistan (SBP) to implement a significant cut in the key policy rate to facilitate trade and industry.
“Considering the current economic conditions and the improved inflation rate, the State Bank must cut the key policy rate by at least 4% in the next monetary policy, which is set to be announced on September 12, 2024,” Qadri demanded. He argued that a reduction in interest rates is vital to boosting economic and industrial activity in the country. Lower rates would encourage businesses to invest, expand, and create job opportunities, Qadri added.
“An immediate rate cut would provide necessary relief to small and medium enterprises, as well as larger corporations, which form the backbone of our economy,” he emphasized.
Qadri further noted that lower interest rates would give consumers more disposable income, driving demand and strengthening the economic recovery, benefiting both SMEs and large-scale businesses.
The convener urged the State Bank and the government to take decisive measures to maintain the momentum of the country’s economic recovery. “This is the right time for positive action to provide relief to the business community as well as the masses, and to get the economy back on track,” he said, expressing hope that the State Bank will take a positive step toward monetary easing in the upcoming policy.
