Pakistan Has Potential to Become Regional Leader in Gem and Jewelry Sector

Pakistan's gems and jewelry sector has huge potential and the country can become regional leader by adopting modern techniques and methodologies of value addition as it is home to a number of varieties of minerals. This was stated by LCCI President Mohammad Ali Mian while speaking at inaugural session of two-day seminar on “Strategies for Economic Uplift of Pakistan and Role of Jewelry segment” jointly organized by the Lahore Chamber of Commerce and Industry and ARY Academy here on Wednesday. LCCI President Mohammad Ali Mian, Vice President Shafqat Saeed Piracha, Ms Sarwat Abdul Razzak and Chairperson LCCI Standing Committee on Women Entrepreneurs Ms Shamim Akhtar spoke on the occasion. Mohammad Ali Mian said that Pakistan, which stands nowhere at present in the world business of gems and jewellery, would gain an attractive opportunity to increase its exports in this field to an optimal level provided an aggressive sector-specific strategy is adopted. Mohammad Ali Mian said that due to lack of realization of its importance, those who are engaged in the mining, cutting/polishing and trading of gemstones in Pakistan have not been able to exploit the full potential of this sector. He said that Pakistan’s exports can be increased by branding the Pakistani gems and jewellery in international markets in a proper manner. The LCCI President said that despite the fact that Pakistan has rich mineral resources, eighty per cent diamond market share is owned by India but with a little effort this proposition could be changed in Pakistan’s favour.

Mohammad Ali Mian said that the Lahore Chamber of Commerce and Industry was ready to do the needful to bring Pakistan gem ad Jewelry sector at par with other leading nations. Ms. Sarwat Razzaq said that there is a dire need of an institution for the technical guidance of businessmen of this sector. She informed the participants that the objective of the establishment of Academy of Gems & Jewellery Dubai is to provide training to the gem & jewellery stakeholders for producing technical & skilled professionals to impart technical know how among them. She observed that in Gem & Jewellery Sector, India has a monopoly and Pakistan should also capture its share. She said that Pakistan is blessed with natural resources, which are not being fully utilized. She mentioned that she wanted to encourage the Pakistani gem & jewellery industry and motivate them to compete in the international market. She said that Pakistanis should join hands with each other and come forward in manufacturing of gem & jewellery instead of importing from elsewhere. She said Pakistan’s gem stones are very superior quality but the gem trade is not organized and most of the rough stones are exported that is why international they don’t get their due share. The Chairperson LCCI Standing Committee on Women Entrepreneurs Ms Shamim Akhtar gave a detailed briefing on the working of the Lahore Chamber of Commerce and Industry and women resource center.