ISLAMABAD – Federal Minister for Commerce, Jam Kamal Khan, reiterated the government’s commitment to revitalizing Pakistan’s gems and jewellery industry during a key meeting with the Sectoral Council for Gems and Jewellery. The virtual meeting brought together senior officials from both the public and private sectors, focusing on enhancing the sector’s export potential and aligning with Prime Minister Shehbaz Sharif’s vision of making this billion-dollar industry a cornerstone of Pakistan’s economy.
Minister Jam Kamal emphasized Prime Minister Shehbaz Sharif’s active involvement with the sector, noting that the Prime Minister has personally chaired several meetings in recent months to address the industry’s challenges and opportunities. He stressed the government’s dedication to the sector, highlighting that policy-making must be guided by input from private sector stakeholders to ensure its effectiveness. During the meeting, Salman Hanif, Chairman of the Council, identified regulatory barriers, particularly amendments to SRO 760, as key obstacles hindering the industry’s growth.
Hanif argued that regularizing the sector is essential for unlocking its full potential. He warned that without addressing these regulatory challenges, the industry would struggle to meet its export targets. In response, Minister Jam Kamal assured the council that their recommendations would be carefully considered. He expressed the Ministry of Commerce’s commitment to developing a comprehensive strategy that covers the entire value chain, from mining to market. This strategy, he added, would be formulated with significant input from the private sector and presented to higher authorities for policy approval. “Without the private sector’s insights, our policies and infrastructure plans may not align with the ground realities,” the minister stated. He also mentioned that the government is dedicated to building confidence among private investors to boost business and exports.
Council members raised various concerns, including the need for reforms in banking channels and a clause-by-clause revision of SRO 760. In response to these issues, Minister Jam Kamal requested a detailed roadmap and actionable plan from the council within a week, with the aim of finalizing a strong proposal before the next meeting with the Prime Minister. Salman Hanif praised the minister’s vision and support for the sector, expressing optimism that these reforms could significantly boost the industry. The minister also 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.