Prime Minister Shehbaz Sharif has called for developing a complete value-addition ecosystem for mining, cutting and polishing of precious stones.

He was presiding over a meeting in Islamabad today to discuss measures for the development of Pakistan's precious stones and gems sector and increasing its exports.

The Prime Minister expressed displeasure over delays in the preparation of the pilot project for the precious stones and gems sector and the lack of progress on initiatives to develop the sector.

He directed the relevant authorities to formulate and present a time-bound action plan on a priority basis.

Shehbaz Sharif said initiatives to develop the precious stones and gems sector are a priority and no delays or sluggishness will be tolerated.

He said Allah Almighty has blessed Pakistan with abundant natural resources, but Pakistan suffers annual losses worth billions of dollars due to substandard mining practices and the smuggling of precious stones.

He directed that the "Brand Pakistan" initiative for precious stones and gems be developed on the lines of other countries in the region.

He said priority measures should be taken to boost exports by leveraging Pakistan's vast reserves of precious stones and minerals.

The Prime Minister emphasized developing a roadmap for the swift establishment of centres of excellence to promote value addition.

Shehbaz Sharif directed that all obstacles hindering pilot projects and the development of model mines for precious stones be removed to ensure their early completion.

The Prime Minister was given a detailed briefing on progress made on the pilot project for the exploration, cutting and polishing of precious stones and their preparation for export following value addition.

The meeting was informed that 4.8 kanals of land had been transferred for the Centre of Excellence project in Hussainabad, Skardu. The required funds are available and construction is likely to commence soon.

The meeting was further informed that land had been identified for the project in Azad Jammu and Kashmir and Islamabad. Until the Centre of Excellence in Islamabad is constructed, it will be made fully operational at an alternative location.

The meeting was also briefed that geological mapping of identified areas rich in precious stones and gems had been completed, with eight new blocks identified in Gilgit-Baltistan, Azad Jammu and Kashmir and Khyber Pakhtunkhwa for further exploration and discovery of precious stones.

The meeting was informed that an allocation of one billion rupees has been made under the Public Sector Development Programme this year to support the development of the sector.

In order to facilitate exporters, the meeting was told that export facilitation desks have been established at 80 branches of 10 banks across seven cities.

The Prime Minister directed the relevant authorities to prepare and present a comprehensive action plan next week for establishing centres of excellence for precious stones and gems and implementing measures for the development of the sector.