Pakistan Loses $5 Billion from Smuggling of Precious Gemstones
A parliamentary committee revealed that smuggling of precious gemstones has cost Pakistan $5 billion. The National Assembly’s subcommittee on commerce, chaired by Atif Khan, noted that Pakistan only established the Gemstone and Jewelry Facilitation Wing in 2006, and its five centers are not operational.
Despite being the eighth largest gemstone producer, Pakistan has struggled to generate revenue, earning only $8 million in exports compared to a peak of $1.4 billion. Thailand benefits the most from this smuggling, receiving many of the stones and profiting significantly.
Committee member Gul Asghar stated that 30-40% of the smuggled gemstones come from Afghanistan. He highlighted that India’s gemstone sector employs 5 million people and generates $45 billion in exports, urging the need for relevant authorities in Pakistan and reopening trade with Afghanistan.
