Pakistan has significant untapped potential in the gems and jewelry sector, which could substantially boost its economy if the industry adopts a scientific approach to production, promotion, and curbing illegal trade. This was the key message at the PARTASH Conference 2024, held on Wednesday, where experts and industry leaders gathered to discuss the future of the country’s gemstone market.
Organized by Pak-Austria Fachhochschule Institute of Science and Technology (PAF-IAST) in collaboration with the Higher Education Commission, China-Pakistan Economic Corridor (CPEC), Pakistan Institute of Fashion Design (PIFD), and KEEZ Technical and Analytical Consultancy, the two-day event highlighted both challenges and opportunities within the gemstone and jewelry sector. Several organizations and businesses dealing in gems, jewelry, and design exhibited their products, with a particular focus on bead jewelry and decorative artifacts crafted by jail inmates, which attracted considerable attention.
Arshad Ayub Khan, the provincial minister for local governments and elections, attended the second day of the event, joining academics, designers, entrepreneurs, metallurgists, and gemologists in discussing ways to enhance the industry’s growth.
Dr. Mujahid, rector of PAF-IAST, delivered a key presentation emphasizing the immense potential of the global gemstone and jewelry market, valued at $206 billion last year and projected to grow to $350 billion by 2024. He noted that India remains the largest player in the market, handling 24,000 tonnes of gold annually. In contrast, Pakistan’s share of the global market stands at a modest $1.3 billion, with expectations of reaching $1.6 billion by 2029, driven by a 2.9% annual growth rate.
Despite being the eighth-largest gemstone producer globally, Pakistan’s gemstone exports are alarmingly low, amounting to only $8 million annually. Dr. Mujahid stressed the importance of tackling the illegal smuggling of gemstones and implementing scientific methods to unlock the sector’s full potential.
Other speakers at the conference also highlighted the need for dedicated institutions to support the development of Pakistan’s gemstone industry, providing the infrastructure and resources necessary for it to flourish. Sadaqat Khan, from the Human Development Organization (HDO), presented a session titled “Art Behind the Bars,” which showcased jewelry, decorative, and religious artifacts made by jail inmates. Khan discussed how these inmates used limited resources to create unique items, demonstrating both ingenuity and artistic talent despite their constraints.
The conference underscored the need for strategic investments and policy reforms to tap into Pakistan’s vast gemstone potential, ensuring that the country can better compete in the global market.
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