Government Company Formed in Pakistan to Promote Jewelry Exports

The Pakistani government has established the "Pakistan Gems and Jewelry Development Company" (PGJDC) at the cost of Rs 1.4 billion. Its goal is to increase the volume of gem and jewelry exports from $25 million to $1.5 billion by 2017.

The Pakistani Daily Times reports that the intention is to upgrade the industry through the use of sophisticated technology, skill development and branding. As part of the project, the government plans to set up training facilities as well as gem processing and manufacturing centers.

Pakistan has a large natural reserve of precious stones but the country claims only a small market share of the world trade in this area which comes to $84.4 billion.