Govt Plans to Set Up New Gemstone Authority

The government has finalised a plan to create a new statutory authority for the gemstone sector and establish a National Warranty Office under the proposed National Gemstones Policy to increase exports and bring the industry into the formal economy. The plan was discussed and finalised in a meeting chaired by Special Assistant to the Prime Minister on Industries and Production, Haroon Akhtar. The meeting reviewed steps to unlock the large but underdeveloped gemstone sector. Under the proposed policy, minimum export prices will be set for gemstone shipments to stop under invoicing, which has been a major concern for regulators. An easy and fully online business registration system is also planned to encourage formal exports. Officials said exporters currently face problems due to the lack of return and refund procedures. To fix this, the policy includes a proper return and refund mechanism, along with payment aggregation and a dedicated online sales platform to reduce foreign exchange losses and support e commerce exports. The policy also proposes a review of State Bank of Pakistan rules and banking procedures. Officials said strict foreign exchange regulations have made it difficult for the sector to grow and operate smoothly. During the meeting, working groups on import export issues, banking and finance, and return and refund policies shared their recommendations. Haroon Akhtar said the policy was prepared after consultations with industry experts and that quality standards have been aligned with international practices. He highlighted that the gemstone sector suffers from high wastage, low value addition and falling exports. Due to outdated and unscientific mining and processing methods, up to 50 percent of gemstones are wasted. Despite strong potential, gemstone exports have remained limited to $5 million to $7 million in recent years. The policy gives priority to documenting and formalising the entire gemstone value chain. The government plans to support the sector through targeted financing, easier procedures and smart incentives. Under the National Gemstones Policy, the proposed statutory authority will oversee implementation, support businesses and improve coordination among government departments. A National Warranty Office and commercial desks at airports are also proposed to help exporters. The warranty office will provide packaging and certification services through a transparent system. Other proposals include better courier services, digital banking options such as Nayapay and simplified online registration to make exporting easier.