Promotion Of Gems Sectors Vital To Increase Exports, President RCCI

Mohammad Ali (@ChaudhryMAli88) Published April 28, 2024 | 08:20 PM

RAWALPINDI, (UrduPoint / Pakistan Point News - 28th Apr, 2024) Rawalpindi Chamber of Commerce and Industry (RCCI) President Saqib Rafiq said that there were immense opportunities in the nonconventional market sectors like gemstones and jewelry in the country which could play a vital role in enhancing foreign exchange.

He remarked that industry had huge potential for value addition and profitability which needed special attention of the relevant stake-holders.

The gems and jewelry sector can play a vital role in enhancing exports of the country, contributing immensely in earning of foreign exchange and providing employment to the youth, he said.

He said this while speaking to the participants of the International Workshop for Technical Expert Service programme on Gems and Jewelry at Chamber House here on Sunday.

Saqib noted that due to lack of interest by the marketers and traders, gems’ industry was far below than the regional competitors. They are engaged in the mining, cutting, polishing and trading of gemstones, he said adding that business community as well as there was a need to focus on non-conventional sectors to increase exports.

He observed that export targets could be met by promoting non-traditional sectors and reviewing the Strategic Trade Policy Framework (STPF) 2020-25. Pakistan is the fifth largest country rich in precious stone reserves, minerals, yet with smaller share of only three percent in the GDP.

The objective of this program is to review international standards on gemstone products, to provide comprehensive knowledge of extraction process to participants and to enhance understanding of best practices and technological advances in gemstone value chains including manufacturing, standardization and trading.

The chamber’s Vice President Faisal Shahzad, former Vice President Fayyaz Qureshi, Chamber members and representatives from the National Productivity Organization (NPO), Pakistan and Asian Productivity Organization (APO) from Thailand and Japan, and other distinguished guests attended the workshop.