ISLAMABAD – Chinese consumers showed consistent enthusiasm in Pakistan’s coloured Gemstones, China Economic Net (CEN) reported on Tuesday.
According to the report, the 2024 Beijing International Gold, Jewellery, and Gemstone Exhibition concluded on June 3 at the Beijing Exhibition Centre.
The event featured exhibitors not only from major Chinese cities such as Beijing, Shanghai, Shenzhen, and Guangzhou but also from various international jewellers.
Chinese consumers showed consistent enthusiasm for gold, jade, pearls, and other precious items. Notably, there was a marked interest in coloured gemstones, with a significant crowd around the booths of exhibitors from Pakistan and Sri Lanka.
“The quality of coloured gemstones from Pakistan and Sri Lanka caught my eye, so I stopped to ask about the prices. I might find something good to buy,” a consumer shared with the reporter.
In 2023, the total import and export value of China’s jewellery industry reached a record high of $145.334 billion, an increase of 8.62% year-on-year.
Chinese consumers show a strong interest in gold and silver jewellery products for both their aesthetic and investment value.
Additionally, Pakistan’s exports of gems and precious stones to China saw a 47 percent increase in 2023, indicating growing recognition of the quality of Pakistani gemstones among Chinese buyers.
Although sales have fluctuated in the past few years due to various factors, the market is now recovering, and I am very confident,” Muhammad Amjad told the reporter.
Since 2023, demand for coloured gemstones in China has been steadily expanding, supplementing the traditional safe-haven asset of gold.
According to market research by the China Gems and Jade Association (Beijing) Fund Management Co, the average price increase for coloured gemstones across all categories in China during the first half of 2023 ranged between 30% and 50%.
In Peshawar’s gemstone market, you can find family businesses that have been around for a century.
It’s difficult for outsiders to enter the market, and it’s not easy for foreigners to do business there. Pakistan’s gem certification institutions aren’t aligned with international standards, and some certification documents are not recognised.” Ma’s story highlights a missed opportunity.
Various indicators suggest that China, as Pakistan’s all-weather strategic partner, boasts a thriving and growing market for coloured gemstones. Pakistan, with its diverse geological conditions, is rich in high-quality natural-coloured gemstones.
However, the two countries have not fully leveraged their friendly relations to explore the potential of this industry.
Currently, a few Pakistani companies with stable cash flow, gemstone resources, and professional design teams have the necessary conditions to enter the Chinese market.
In contrast, Peshawar-based traders, who rely on bulk sales, face numerous challenges in establishing deeper cooperation with China.
From the perspective of a brand jeweller, Muhammad Amjad shared some insights with us: “One problem is that Pakistan lacks effective advertising methods.
Chinese businessmen are smart; they use short video platforms like TikTok and Kuaishou to promote their brands or unique national gemstones, leaving a lasting impression on consumers and even driving up product prices. In contrast, we can only wait in Peshawar for buyers from other countries.”
Indeed, lacking product visibility hampers sales, especially for goods with financial attributes, but visibility must be predicated on quality. Muhammad added, “Secondly, we urgently need to establish a gem certification institution that meets international standards.
In Azad Market Namak Mandi, gem trader Abdul Ahad highlighted key issues: “One major issue is payment; many of our clients prefer PayPal, which is not available in Pakistan. Another issue is the lack of DHL branches, leading to slow shipping times of 15-20 days, despite using DHL’s name.”
Another pressing challenge is gemstone cutting. High-quality cutting significantly enhances the value of gemstones, yet Pakistan’s gemstone cutting sector remains underdeveloped.
Two weeks ago, Prime Minister Shehbaz Sharif emphasised in an office statement the need to develop the country’s gems and precious stones sector, urging authorities to take steps to grant it the status of an industry.
Under the trade bridge established by the China-Pakistan Economic Corridor (CPEC), the exchange of technology and equipment is inevitable. Coloured gemstones could potentially become a cornerstone of Pakistan’s economic revitalization, the CEN added.
