ISLAMABAD: According to the Sectorial Council for Gems and Jewellery, the industry cannot meet its export goals unless regulatory obstacles are removed.
The meeting of the council was presided over by senior officials from the ministry and Commerce Minister Jam Kamal. Salman Hanif, the chairman of the council, was present, as were high ranking government officials.
Mr. Hanif identified significant obstacles preventing the industry’s expansion as regulatory constraints, specifically changes to SRO760.
He maintained that the industry’s full export potential will be realized upon regularization.
The council members brought up a number of topics, such as the necessity of banking channel improvements and the clause-by-clause revision of SRO 760.
Mr. Kamal restated the government’s pledge to revive Pakistan’s jewelry and gems sector. The minister stated that in order to address the potential and problems facing the industry, the prime minister has personally called three or four meetings in the last several months.
The minister reaffirmed the government’s commitment to this area and emphasized that, in order to ensure success, private sector players’ involvement must drive the policy-making process. He gave the council members his word that their suggestions would be carefully taken into account.
He reaffirmed the ministry’s dedication to creating a thorough plan that covers the whole value chain, starting at mine and ending at the market.
He said that the private sector will contribute significantly to the formulation of the plan before it was submitted to higher forums for approval as policy.
Commerce Minister Jam Kamal said, “Our policies and infrastructure plans may not align with the ground realities without the private sector’s insights.”
