Almost 99 different gem reserves are found in Pakistan. This makes the country the 8th largest producer of precious gemstones. However, a lack of regulation and investment in the sector means that the sector is undervalued. Keeping into consideration the vast potential of the gem reserves store, Prime Minister Imran Khan, in a meeting with the Gems, Jewellery and Minerals Task Force, proposed to set up a “Mineral City” to boost gem exports and generate revenue.
The meeting identified different areas where the potential city will be established and how the raw materials for the industry will be provided. The working of this industry will increase the quality of Pakistan’s exports, reduce imports and generate excess revenue for the economy as well. This is the first time the gem reserves of Pakistan are being reformed from a normal sector to a full-fledged export industry.
Pakistan has the potential to export gems worth $5 billion annually which can translate into the creation of employment and economic growth. The gems and minerals industry of Pakistan is not regulated by any legislative authority, unlike gold and petrol. Therefore, the effective use of legislation and regulation can turn this sector into a major-export oriented industry of Pakistan.