Agreement reached to set up standard lab for gemstones

PESHAWAR: The participants of a meeting here on Wednesday agreed to establish standard testing, cutting and polishing laboratory to increase the quantity and quality of gemstones in the country, especially Khyber Pakhtunkhwa.

Governor Shah Farman had a joint meeting with the gemstone dealers in the province and Chief Executive Officer of International Brands Limited (IBL) here at governors House, said an official handout.

Besides other participants, Trade Commissioner of Embassy of Belgium, Abid Hussain, and a representative of PM Task Force on Gemstones, also attended the meeting.

The participants discussed in detail the huge potential of investment in gemstone industry and to promote the stone available in the province as per international standard market value.

They said despite having huge potential in the production of the gemstone, Pakistan was unknown in the global market due to the unavailability of internationally recognized certification and authentication of the raw material, cutting and polishing of the gemstones.

The IBL showed interest in establishing the same in Pakistan in collaboration with HRD Antwrep Belgium which is globally recognized for certification and authentication of gems and jewellery.

The participants noted that currently 95 per cent treasure of colourstone from Pakistan is smuggled to other countries as rough stones as low as USD 10/caret which is in the international market available from US$ 2000 to 5000/caret after being processed and this is all because of non-recognition of Pakistan’s gemstones authentication and certification.

The governor welcomed the proposal for establishing gemstone testing, cutting, polishing laboratory in Pakistan said that KP was rich in precious gemstone but unfortunately this industry could not become part of Pakistan economy due to its non-certification and non-authentication.

He said that he was interested in recognition of Pakistan gemstone in the global market because that would not only bring about economic prosperity but also uplift the standard of gemstone dealers in entire country.