Pakistan has sought the expertise of renowned French gem and jewellery manufacturer Barneby Plowright to help reform the country’s gems and jewellery sector, with the goal of boosting exports and strengthening foreign exchange earnings.
Special Assistant to the Prime Minister (SAPM) on Industries and Production, Haroon Akhtar Khan, held a crucial meeting with French manufacturer Barneby Plowright to discuss the potential and challenges within Pakistan’s gems and jewellery export sector.
The meeting focused on key issues such as export documentation, value addition, and access to international markets, according to a news release.
Haroon emphasized that Pakistan is among the top global producers of high-quality gemstones. However, he pointed out that formal exports remain limited, amounting to only a few million dollars annually.
“Pakistan has gemstone reserves worth billions of dollars, yet nearly $2 billion worth of gold is exported through undocumented channels each year,” said the SAPM.
He noted that this lack of formal documentation presents significant challenges for genuine investors and leads to considerable losses for the national exchequer.
“The illegal trade in gems and jewellery is causing billions of dollars in annual losses to the national treasury,” Haroon added.
The SAPM stressed the urgent need for regulatory reforms and the documentation of gold exports. “Proper documentation of gold exports is essential to ensure transparency, attract investment, and support legal trade,” he explained.
Haroon also revealed that the government is considering policy measures to encourage the legal export of gold and gemstones with added value.
He directed that an immediate meeting be held with stakeholders from the gems and jewellery sector to determine a way forward.
