Govt reaffirms support for Pakistan’s gems, jewelry industry

August 21, 2024 (MLN): To revitalize Pakistan's gems and jewelry industry, Federal Minister for Commerce Jam Kamal Khan reaffirmed the government's commitment during a crucial meeting with the Sectoral Council for Gems and Jewelry.

The meeting, which gathered virtually, senior officials from the public and private sectors, focused on enhancing the sector's export potential and aligning with Prime Minister Shehbaz Sharif's vision to make this billion-dollar industry a cornerstone of Pakistan's economy.

Minister Jam Kamal highlighted the Prime Minister's active engagement with the sector, noting that PM Shehbaz Sharif has personally convened three to four meetings over the past few months to address the industry's challenges and opportunities.

The Minister underscored the government's dedication to this sector, emphasizing that the policy-making process must be driven by input from private sector stakeholders to ensure its success.

During the meeting, the Chairman of the Council, Salman Hanif, pinpointed regulatory barriers, particularly amendments to SRO 760, as critical hurdles impeding the industry's growth.

Hanif argued for the regularization of the sector to unlock its full potential. He stressed that without addressing these regulatory challenges, the industry would struggle to reach its export targets.

Minister Jam Kamal assured the council members that their recommendations would be thoroughly considered.

He expressed the Ministry of Commerce's commitment to developing a comprehensive strategy that would encompass the entire value chain, from mine to market.

The strategy, he noted, would be formulated with significant input from the private sector and would be presented to higher forums for policy approval.

"Without the private sector's insights, our policies and infrastructure plans may not align with the ground realities," Minister Jam Kamal stated.

He also mentioned that the government is committed to fostering confidence among private investors to boost business and exports.

The council members raised various issues, including the need for reforms in banking channels and the necessity of revising SRO 760 on a clause-by-clause basis.

Responding to these concerns, Minister Jam Kamal requested a comprehensive roadmap and actionable plan from the council within a week, aiming to finalize a robust proposal ahead of the next Prime Ministerial meeting.

Salman Hanif, praised the Minister's vision and support for the sector, expressing optimism that these reforms could significantly boost the industry.

The Minister further assured that the council would be involved in upcoming high-level discussions and that dedicated ministry officers would work closely with the council to finalize the proposal.

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