Pakistan's war against terrorism and the unprecedented surge in gold prices internationally have destroyed lucrative gems and jewellery business in the country. This was said by the prominent jewellers while talking to Business Recorder here on Friday.
Former President Islamabad Chamber of Commerce and Industry (ICCI) and bullion dealer, Mansoor Moghul, said though some rich people are investing their money in purchasing gold to offset the effects of inflation, while the cash-starved common people are facing problems to purchase gold jewellery even for the marriages of their daughters.
Mughal further said that hundreds of thousands of gold artisan have become jobless as there are not many buyers of their art and craft even during the marriage seasons. Majority of lower middle class people prefers purchasing cheap artificial jewellery to gold jewellery for the dowry. Expressing his grave concern he said that how jewellery business could flourish in the country where the government is not able to provide protection to the traders, as it is in a state of war against hardened militants and criminals internally.
Meanwhile, Chairman FPCCI Regional Standing Committee on Gems and Jewellery and Chairman, Lahore Sarafa Bazar, Muhammad Ahmad said though prices of gold dropped by Rs 250 per tola in the local Sarafa Bazar (jewellery market) and came down from Rs 35,750 per tola to Rs 35,500, yet keeping pace with the world trend the gold prices are likely to shoot up to Rs 40,000 per tola till Eid-uz-Azha.
Moreover, the shopkeepers have reduced the number of jewellery items in their showcases in the fear of robberies, most of the wealthy traders of jewellery sector are shifting their respective businesses abroad where at least security of lives and businesses are assured, Ahmad added.
He said that Pakistan used to be the 8th biggest consumer of gold in the world with an annual import of 127 tons gold, it also has the necessary infrastructure to become a big player in the international gold, gem, stone, jewellery market.
He said that Pakistan is blessed with numerous varieties of precious stones some of which make it prominent in the gem stone world, such as peridot, aquamarine, topaz (in various colours like violet and pink, golden and champagne), ruby, emerald, rare-earth minerals bastnaesite and xenotime, sphene, tourmaline, and many other varieties and types of quartz. "Based on its potential in gem stone and mineral wealth Pakistan can become a great hub of the gemstone industry on a scale comparable to Brazil and India.
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