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Gemstones industry has potential to earn $ 32 billion annual exports annually: FPCCI - Inside Financial Markets

Gemstones industry has potential to earn $ 32 billion annual exports annually: FPCCI

– Associated Press of Pakistan

Chairman Federation Pakistan Chamber of Commerce and Industry (FPCCI) Qurban Ali on Tuesday said that Pakistan has an export potential of worth $ 32 billion annually in latent gemstones industry to earn revenue for strengthening the country’s economy.

Local exporters of gemstones must go for innovation and also add on modern technology to enhance the value of precious and semi-precious stones for the international competitive market to earn more profits, While on the occasion, Qurban said that Pakistan is home of precious and semi precious stones and for utilizing this potential, “We must need to establish the technology and innovation driven industry to attract the foreign investors from European Union (EU) and United States of America (USA).

He was of the view that ‘Gem Testing Labs’ need to be established for gems identification to promote the local industry at international potential market for enhancing the competitiveness in the local market.

The senior business leaders said that FPCCI would on-board the government for the initiative of new gems testing laboratories in major cities of Pakistan to promote the gemstone trade for enhancing the local exports.

Qurban Ali said that mainly these precious stones are explored from almost inaccessible territories of the hilly regions in the south and north as the most extensive ruby deposits in Pakistan are located in the Hunza valley of the Gilgit Baltistan.

He informed that after Burma, Hunza is the only other region in the world that has produced “Blood Red ruby”.

Chairman FPCCI  said that some of the finest ‘Emeralds’ in the World are being mined in the picturesque valley of Swat and AQUAMARINE also explored from the Shigar valley of Baltistan, Chitral, Kaghan and inthe Neelam Valley of Azad Kashmir.

He said that ‘Flurite’ is found in Chitral, Dir, Hunza, andBalochistan with the largest deposits occurring in the Northern partof the Koh-e-Mardan range of Kalat.

He further said that Pakistan is a country of young people and they need employment opportunities and through the gems and stones industry, “we can create a huge opportunity of employment for local youth of GB region including Khyber Paktunkwa and Balochistan.

He said that FPCCI is a big platform for you, “We offer you every kind of support to get help from the federal and provincial government for promoting this potential export sector.”

While addressing the gathering, senior business leader of FPCCI Haji Ghulam Ali said that the gems and stones industry has faced big challenges in different areas including the public and private sphere.

Pakistan has a big opportunity to increase the country’s exports through this potential sector to achieve the agenda of economic growth and prosperity.

The senior business community leader said that technology plays a huge role in promotion of any industry and gems and stones industry facing big challenges at technological from to present their items in potential markets like EU and Americas.

He said that for this purpose, Pakistan Gems and Jewelery Development Company is working in Lahore, Karachi, Peshawar, Quetta,Gilgit, Muzaffarabad and Sargodha cities where the major share of gemstone trade exists.

There is a need to establish more modern laboratories in different cities for value addition and innovation in this industry.

He said that technological intervention through the modern ways and means to promote this potential industry at international level.

He vowed to support the gems and stones industry at any forum and also urged the Trade Development Authority of Pakistan to provide their financial assistance to this industry.

Patten In chief the exporters association, Mamoor Khan highlighted the different issues and challenges facing by the organization at different levels and demanded to resolve these issues.

Syed Zaki Hussain

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Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)