Faiza Tehseen

Despite having large deposits of precious gemstones, Pakistan lags behind in modern mining and lapidary techniques. By developing this sector as per the international standards, Pakistan can fetch billions of dollars in exports, underscored a mineral sector expert. “Currently, most of the gemstone trading in Pakistan is done in the rough form as foreign buyers take them to their countries and after adding value, sell this natural wealth at high rates without recognising its origin,” said Muhammad Yaqub Shah, an acting member of the Sectoral Council for Marble, Granite, and Minerals, the Ministry of Finance, while talking to WealthPK. He said Pakistan needs to focus on this productive segment, make efforts to turn lapidary into a modern cottage industry, and enable women to contribute their part. Yaqub Shah, who is also the former general manager (geology) of Pakistan Minerals Development Corporation, said old-fashioned lapidary techniques and a lack of modern equipment was causing great economic losses to the country.

“Precious gemstones are wasted in large quantities by unskilled workers. Latest lapidary machines and training of people associated with it could help Pakistan become one of the major exporters of value-added mineral products,” he stressed. Yaqub Shah said, “New methods and machinery are evolving every now and then, which have improved the gemstone mining and processing manifold. Research in these fields is non-existent in Pakistan, which is why we lag behind in terms of technology. Collaboration in research and development for gemstone mining and processing needs to be made with countries such as Thailand, Sri Lanka, Türkiye, the US, Belgium, India, etc. It will help Pakistan manufacture the latest machinery and equipment locally. The adoption of modern methods for gemstone mining and processing will boost exports of value-added products.” He also highlighted the importance of effective marketing and branding to develop the domestic gems and lapidary industry and get the due share for Pakistani products in the international markets.

“Continuous re-enforcement of Pakistan’s cut and polished gemstones as a brand will transform our country’s position in the international market; even domestically, consumer perception will change as fashion will become the new driver of demand,” added Yaqub Shah. Sharing her views with WealthPK, Ms Rukhsana, who owns a gemstone store in Gilgit-Baltistan, said a good number of women werer doing lapidary at their homes. “Women in GB are keen to learn new techniques to earn a sustainable livelihood. The government should set up lapidary training centres in the region for women to learn this art and generate incomes for their families.” According to demand, mining and value addition, the gemstone market is segmented into different global regions, including Europe, Latin and North America, Africa, the Middle East, and Asia Pacific. The gemstone market is estimated at $32.38 billion in 2023, and is expected to reach $55.96 billion by 2033 with a compound annual growth rate of 5.6%.

Credit: INP-WealthPk