Gemstones Worth $5 Billion Smuggled Out of Pakistan Every Year

Gemstones worth $5 billion are smuggled out of Pakistan every year, MNA Gul Asghar Khan said during a recent meeting of the National Assembly Sub-Committee on Commerce. It was disclosed that Pakistan was among the world’s top eight gemstone producers, yet the official exports stand at a mere $8 million. A member said gemstones are smuggled from Pakistan to Thailand which are then cut, polished, and sold for billions of dollars. The discussion also brought to light that 30-40 percent of gemstones smuggled into Pakistan originate from Afghanistan. It was suggested that opening the Afghan border for legal gemstone trade could help curb the smuggling issue. Meanwhile, the committee was informed that the federal government has decided to establish a Gems and Jewellery Facilitation Wing to regulate and support the industry, though previous efforts such as the establishment of five gemstone authority centers have yet to become operational. Comparing Pakistan’s underutilized potential, the committee chairman cited India where the gemstones and jewelry sector generates $45 billion in exports. He emphasized that Pakistan could follow suit as regions like Swat, Gilgit, and Kashmir hold significant reserves of valuable rubies, one of which was once sold for $18 million.