The government has formed a company with a budget of Pak Rupees 1.4 billion for the development of gem and jewellery sector and enhance its export, says an official statement. The Ministry of Industries, Production and Special Initiatives proposed six projects aimed at upgrading the gem and jewellery industry to a competitive level internationally in terms of technology, skill development and country branding. The projects will help in promoting the development of gem and jewellery sector and will play a vital role for encouraging investment and growth. Exports from this sector are expected to increase from US $ 25 million to $ 1.5 billion in year 2017. Pakistan, so far has not succeeded in getting a bigger slice of the total global trade of $ 84.4 billion in this sector despite of glaring fact that Pakistan blessed with huge resources of precious stones, the statement said. Pakistan has vast natural reserves of precious and semi precious gemstones including ruby, emerald, tourmaline, garnet (pyrope, almandine, rhodolite, demantoid, spessartite and hessonite), topaz, peridot, aquamarine, spinel, pargasite, diopside, moonstone, serpentine jade, epidote, pink beryl (morganite), purple beryl, sphene, zoisite, lapis lazuli, turquoise, kunzite and almost all known varieties of quartz. In addition to these natural reserves Pakistan processes approximately, 170 ton gold annually, that makes it one of the ten largest consumers of the metal in the world. The projects are part of comprehensive plan and strategy for upgrading gem and jewellery industry in Pakistan.
