Commerce ministry pushes for Gems Authority to address supply issues in Pakistan’s gemstone sector

The Ministry of Commerce has called on the National Assembly Standing Committee on Commerce to facilitate the creation of a new Gems Authority aimed at addressing the growing challenges within Pakistan’s gemstone sector, Business Recorder reported. 

This proposal comes after the Competition Commission of Pakistan (CCP) highlighted the absence of proper regulatory oversight and widespread undocumented activities in the market.

Currently, the Trade Development Authority of Pakistan (TDAP) handles market development and trade facilitation for gemstones. However, supply-side issues such as exploration and extraction fall under the jurisdiction of the Petroleum Division. 

The Ministry of Commerce has therefore requested that the Petroleum Division develop a comprehensive plan for the establishment of the Gems Authority, which would focus on regulating the sector from exploration to trading.

The CCP has also recommended the establishment of a single regulatory body to harmonise various fragmented regulations governing the market. This would ensure better oversight, reduce manipulation, and foster consumer confidence in the sector.