Islamabad, Sep 13: During a recent hearing of the National Assembly Sub-Committee on Commerce, MNA Gul Asghar Khan stated that gemstones valued at $5 billion are smuggled out of Pakistan annually.
Although Pakistan is one of the top eight producers of gemstones in the world, official exports only amount to $8 million. According to a member, gemstones are smuggled into Thailand from Pakistan, where they are polished, cut, and sold for billions of dollars.
The conversation also revealed that Afghanistan is the source of 30–40% of the jewels that are smuggled into Pakistan. It was proposed that legalizing the trade of gemstones across the Afghan border would help reduce the problem of smuggling.
The committee was also informed that although earlier initiatives, such the creation of five gemstone authority centers, have not yet been put into action, the federal government has chosen to create a Gems and Jewellery Facilitation Wing in order to oversee and assist the industry.
In contrasting Pakistan’s untapped potential, the chairman of the committee mentioned India, whose jewelry and gemstone industry brings in $45 billion in export revenue.
He stressed that Pakistan could do the same because areas like Kashmir, Gilgit, and Swat have large deposits of priceless rubies one of which was once auctioned for $18 million.
