Karachi, October 2, 2023: Pakistan’s jewellery industry, deeply rooted in our cultural heritage, is a treasure trove waiting to be unearthed. Our neighbour, India, with its booming gems and jewellery sector, has shown us the impact of strategic policy on economic growth. It’s time we adopted a similar approach.
Currently, high import duties and bureaucratic complexities are stifling our industry. By easing these restrictions, we could lower production costs, increase global competitiveness, and broaden our tax base. An efficient, single-window system for export-related processes could save time, reduce costs, and encourage global expansion.
Investments in training programs for our artisans, promoting innovative design, and implementing quality standards would elevate our international appeal. Recognizing the gems and jewellery industry as a priority sector, along with incentives such as preferential loans and tax breaks, could trigger economic growth.
Moreover, the establishment of dedicated jewellery parks with advanced infrastructure could foster collaboration and innovation, enhancing productivity and global competitiveness. An emphasis on digital marketing and e-commerce would align our industry with global trends, revolutionizing the traditional jewellery business.
It is crucial that the government collaborates closely with the All Pakistan Gems Jewellers Traders and Exporters Association (PGJTEA) in formulating these policies. As the voice of the industry, the PGJTEA can provide valuable insights to ensure the policies are both practical and beneficial.
In conclusion, the gems and jewellery industry is a golden opportunity for Pakistan’s economy. With strategic policy shifts, innovative approaches, and close collaboration with industry stakeholders, this sector could become a beacon of prosperity for our nation.
*Farhan Khan Tessori*
*The Writer is Vice chairman of PGJTEA (All Pakistan Gems Jewellers Traders and Exporters Association) and CEO of Tessori Commodities Private Limited*.
