Gem Exchanges and Gem Identification Laboratories have been established by PGJDC, primarily to facilitate linkages between buyers and sellers of gemstones. It is an integrated approach of providing all the services under one roof, reducing costs and increasing cooperation amongst different stakeholders of the value chain. Following are its objectives:
· Facilitate access to market
· Provide competitive sourcing to buyers
· Provide visibility to suppliers without marketing expenditures
· Improve cooperation between suppliers
· Enhance profitability by lowering transaction costs of suppliers
· Discourage informal trade
· Exposure to International Market
PGJDC has setup Gem Exchanges at Peshawar and Quetta which are fully functional. PGJDC also plans to setup Gem Exchange in Karachi in the near future. These Gem Exchanges have the following features:
Due to lack of adequate gem identification facilities, there was limited understanding of gemstones and their properties, often leading to underselling of precious stones as well as lack of buyer confidence. To improve upon the quality of the industry, introduction of standards in the form of certification of gemstones was essential. Full-fledged and modern Gem Identification Laboratories of PGJDC are operational in the Gem Exchanges at Peshawar and Quetta. In addition, PGJDC has setup Gem Identification Laboratories at Karachi, Lahore and Gilgit too.
These laboratories provide the facilities of gemstone testing and diamond grading to the customers at very subsidized rates. In these Gem Labs, diamonds and other precious and semi-precious stones are examined according to their color, shape, cutting style, weight, measurements, etc, reports are generated and certificates are issued to the customers.
Pakistan relishes the luxury of abundant and valuable gemstone treasures buried in its lands. The actual potential of gemstone industry of Pakistan is hard to grasp unless it is observed in the ardent environment of a Gem Bazaar. Gem Bazaar, an innovative concept brought forward by Pakistan Gems and Jewellery Development Company, has achieved meteoric popularity in a very short span of time. It has done wonders in terms of bringing together the number of buyers and sellers of gemstones under one roof. Gem Bazaars have opened the door of numerous opportunities to the local stakeholders of gemstone sector.
The concept of Gem Bazaar has been brought forward to expedite and substantiate the local trade among the trade members of gemstone sector. The availability of Gemstone Identification Laboratory ensures transparent and fair trade of precious/semi-precious gemstones and mineral specimen which are brought in, from all across the country.
PGJDC regularly organizes Gem Bazaars in its Gem Exchanges at Peshawar and Quetta every month. In addition to Peshawar and Quetta, Gem Exhibitions have also been successfully held at Lahore and Islamabad.
These Gem Bazaars have provided the gem dealers and buyers with a lucrative platform, to meet and wrap-up business deals in the most transparent and fair environment. The idea behind introducing Gem Bazaar is to build and enhance the value chain productivity resulting in the increase of business relationships between the buyers and sellers. Business relationships developed in Gem Bazaar can be exploited further, to eventually boost the exports and local trade. Gem Bazaars provide a platform for local gemstone traders to expand their business links.
GEM Bazaar Participants
Shops at GEM Exchange Quetta