$5 Billion in Gemstones Smuggled Annually from Pakistan
Pakistan’s gemstone industry is facing major problems, with around $5 billion worth of gemstones being smuggled out of the country every year.
This issue was discussed in a meeting led by Atif Khan, where the problems in the sector were highlighted. One big concern is that the Gemstone and Jewelry Authority, which was supposed to oversee the industry, has been inactive since 2006. This has left the industry without proper management and support.
Even though Pakistan is the 8th largest gemstone producer in the world, its gemstone exports are very low. Currently, Pakistan exports only about $8 million worth of gemstones each year. This is a dramatic drop from the $1.4 billion in exports the country once achieved.
A lot of the gemstone trade is lost to smuggling. Many gemstones are illegally taken to Thailand, where they are sold for much higher prices.
To fix these issues, the government plans to create a new department called the Gemstone and Jewelry Facilitation Wing. This new department will work to improve the industry by setting better regulations and stopping the smuggling of gemstones.
The committee members stressed the need for strong laws to help the industry grow and make sure Pakistan benefits from its gemstone resources. By introducing stricter laws and offering better support, the goal is to increase exports and restore the industry’s lost value.
