ISLAMABAD, Feb 4: The government is considering a package for gems and jewellery industry to develop it on an organized pattern and enhance its exports. An official told Dawn on Saturday that the package would include loans from banks and financial institutions for imports of raw materials, machinery and equipment used in the manufacturing of gold, jewellery and precious stones.

The ministry of commerce is also considering a pilot project to be established in the export processing zone in Karachi, added the official.

There are more than 20,000 firms operating in the jewellery sector some are organized under the umbrella of different trade unions but major part of the industry is unorganized. The small firms are operating with the help of freelance craftsmen while the tools and techniques are traditional.

According to the official, the debt equity ratio was quite unfavourable from the financial institutions for the gold and jewellery sector but the fact was that huge investment was required in the raw material – gold — which was the main hindrance in establishing a jewellery manufacturing factory in the country.

The sources said that it was under consideration to increase the export of jewellery exclusively to Middle East, United Kingdom and United States, where a large number of South Asian immigrants were residing.

Opinion

Editorial

Short-changed?
Updated 24 Nov, 2024

Short-changed?

As nations continue to argue, the international community must recognise that climate finance is not merely about numbers.
Overblown ‘threat’
24 Nov, 2024

Overblown ‘threat’

ON the eve of the PTI’s ‘do or die’ protest in the federal capital, there seemed to be little evidence of the...
Exclusive politics
24 Nov, 2024

Exclusive politics

THERE has been a gradual erasure of the voices of most marginalised groups from Pakistan’s mainstream political...
Counterterrorism plan
Updated 23 Nov, 2024

Counterterrorism plan

Lacunae in our counterterrorism efforts need to be plugged quickly.
Bullish stock market
23 Nov, 2024

Bullish stock market

NORMALLY, stock markets rise gradually. In recent months, however, Pakistan’s stock market has soared to one ...
Political misstep
Updated 23 Nov, 2024

Political misstep

To drag a critical ally like Saudi Arabia into unfounded conspiracies is detrimental to Pakistan’s foreign policy.