Investment potential in Gems Stone industry reviewed

Syed Kamal Hussain Shah

PESHAWAR: The Governor Khyber Pakhtunkhwa Shah Farman Wednesday held a joint meeting with the Gems stone dealers in the province and CEO of International Brands Limited (IBL) here at Governor’s House and discussed in detail the huge potential of investment in Gems Stone industry and to promote the Gems stone available in the province as per international standard market value.
The participants of the meeting informed that despite having huge potential in production of Gems Stone, Pakistan is unknown in the global market due to unavailability of internationally recognized certification and authentication of the raw material, cutting and polishing of the Gem stones.
The participants of the meeting agreed upon urgent establishing of world standard testing, cutting and polishing laboratory in Pakistan that would likely to increase the quantity and quality of Gems Stones in Pakistan especially in Khyber Pakhtunkhwa province.
The IBL has shown interest in establishing the same in the Pakistan in collaboration with HRD Antwrep Belgium which is globally recognized for certification and authentication of Gems and Jewelry.
The meeting was further informed that currently 95% treasure of color stone from Pakistan is smuggled to other countries as rough stones as low as USD 10/caret which is in international market available from US$ 2000 to 5000/Caret after being processed and this is all because of non-recognition of Pakistan’s gems stones authentication and certification.
On this occasion, the Governor Shah Farman while welcoming the proposal for establishing Gems stone testing, cutting, polishing laboratory in Pakistan said that KP Province was rich in precious gems stone but unfortunately this industry could not become part of Pakistan economy due to its non-certification and non-authentication.
He said that he was interested in recognition of Pakistan gems stone in global market because that would not only bring economic prosperity but would also uplift the standard of gems stone dealers in entire country.
Besides other participants, Trade Commissioner of Embassy of Belgium Abid Hussain and representative of PM task force on Gem stones also attended the meeting.

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