ISLAMABAD: The Sect­oral Council for Gems and Jewellery has pinpointed that removing the regulatory barriers is necessary for the industry to be able to reach its export targets.

Commerce Minister Jam Kamal and senior officials from the ministry chaired the council meeting. The council chairman, Salman Hanif, and senior officials from the ministry were in attendance.

Mr Hanif pinpointed regulatory barriers, particularly amendments to SRO760, as critical hurdles impeding the industry’s growth.

He argued that the regularisation of the sector would unlock its full export potential.

The council members raised various issues, including the need for banking channel reforms and revising SRO 760 on a clause-by-clause basis.

Mr Kamal reaffirmed the government’s commitment to revitalising Pakistan’s gems and jewellery industry. The minister said that the prime minister has personally convened three to four meetings over the past few months to address the industry’s challenges and opportunities.

The minister underscored the government’s dedication to this sector, emphasising that the policy-making process must be driven by input from private sector stakeholders to ensure its success. He assured the council members that their recommendations would be thoroughly considered.

He expressed the ministry’s commitment to developing a comprehensive strategy encompassing the entire value chain, from mine to market.

He noted that The strategy would be formulated with significant input from the private sector and presented to higher forums for policy approval.

“Without the private sector’s insights, our policies and infrastructure plans may not align with the ground realities,” Com­m­erce Minister Jam Kamal stated.

Published in Dawn, August 21st, 2024