Commerce Minister Stresses Reforms in Pakistan’s Gems and Jewelry Sector

Federal Minister for Commerce Jam Kamal Khan Tuesday stressed reforms and growth in Pakistan’s gems and jewelry sector for sustainable growth in the country’s economy.

Khan reaffirmed the government’s commitment to revitalizing Pakistan’s gems and jewelry industry during a key 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.

Khan highlighted the premier’s active engagement with the sector, noting that the prime minister has personally convened three to four meetings over the past few months to address the industry’s challenges and opportunities.

He 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.

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

The minister assured the council members that their recommendations would be thoroughly considered. He expressed the ministry’s commitment to developing a comprehensive strategy encompassing 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,” the minister said.

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, the minister 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. 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.