ISLAMABAD: Prime Minister Shehbaz Sharif on Monday called for tapping Pakistan’s vast gemstone reserves, Sharif’s office said, as Islamabad seeks to boost their exports to support economic recovery.

The development comes two weeks after Pakistan approved its first national policy framework for gemstones and precious stones, aiming to reform the sector, align it with international standards and lift annual exports to $1 billion within five years.

Pakistan has intensified efforts to monetize its untapped mineral resources, amid fiscal pressures and an International Monetary Fund-backed reform program. Over the past two years, Islamabad has hosted international minerals conferences and signed agreements with countries including the United States, Saudi Arabia and China to attract investment and move up the value chain in mining and minerals processing.

On Monday, PM Sharif presided over a meeting on the promotion of precious stones and minerals in Islamabad, at which he directed seeking services of relevant experts of international repute for the construction of proposed gemstone centers in Islamabad, Gilgit-Baltistan and Azad Kashmir, according to his office.

“There is a need to utilize the potential of gemstone reserves in Pakistan so that valuable foreign exchange can be earned from the exports of these precious stones,” Sharif was quoted as saying by his office.

Despite officials estimating Pakistan’s gemstone reserves at around $450 billion, formal exports remain negligible, at about $5.8 million annually, due to weak certification systems, limited domestic processing capacity, widespread smuggling and fragmented regulation across federal and provincial authorities.

Pakistan’s new policy framework includes geological mapping to accurately assess reserves, the establishment of internationally accredited laboratories and certification regimes and the creation of a dedicated authority to regulate and promote the sector. The government also plans to set up a National Warranty Office and centers of excellence to support training, research and value-added processing.

The prime minister directed the implementation of the policy framework and the completion of Islamabad Gemstone Center by Aug. 2027.

A location has been identified on the Constitution Highway for the establishment of a gemstone center in Islamabad, according to Sharif’s office. The center will provide international standard value addition services, certification, incubation center and trade center facilities.

“Exports should be increased through value addition in the gemstone industry,” he said, urging officials to work together with the governments of all provinces, Gilgit-Baltistan and Azad Kashmir to promote the industry.