SMEDA Gemstone Lapidary

Pre-Feasibility Study

GEMSTONE LAPIDARY

Small and Medium Enterprise Development AuthorityGovernment of Pakistan

www.smeda.org.pk

HEAD OFFICE

6th Floor, LDA Plaza, Egerton Road, Lahore

Tel: (042) 111-111-456 Fax: (042) 6304926, [email protected]

REGIONAL OFFICE PUNJAB

REGIONAL OFFICE SINDH

REGIONAL OFFICE NWFP

REGIONAL OFFICE BALOCHISTAN

8th Floor, LDA Plaza, Egerton Road, Lahore

Tel: (042) 111-111-456Fax: (042) 6304926, 6304927

[email protected]

5TH Floor, BahriaComplex II, M.T. Khan Road,

Karachi.Tel: (021) 111-111-456

Fax: (021) [email protected]

Ground FloorState Life Building

The Mall, Peshawar.Tel: (091) 9213046-47


Bungalow No. 15-AChaman Housing Scheme

Airport Road, Quetta.Tel: (081) 831623, 831702


Jan, 2007 Updated

Pre-Feasibility Study Gemstone Lapidary

PREF-32/March, 2002/ Rev 1

2

DISCLAIMER

The purpose and scope of this information memorandum is to introduce the subject

matter and provide a general idea and information on the said area. All the material

included in this document is based on data/information gathered from various

sources and is based on certain assumptions. Although, due care and diligence has

been taken to compile this document, the contained information may vary due to any

change in any of the concerned factors, and the actual results may differ substantially

from the presented information. SMEDA does not assume any liability for any

financial or other loss resulting from this memorandum in consequence of

undertaking this activity. Therefore, the content of this memorandum should not be

relied upon for making any decision, investment or otherwise. The prospective user

of this memorandum is encouraged to carry out his/her own due diligence and gather

any information he/she considers necessary for making an informed decision.

The content of the information memorandum does not bind SMEDA in any legal or

other form.

DOCUMENT CONTROL

Document No. PREF-32

Revision 1

Prepared by SMEDA-Punjab

Approved by GM Punjab

Issue Date March 200

Issued by Library Officer



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1 INTRODUCTION

1.1 Project Brief

Gems and jewelry is an emerging sector of Pakistan with an immense export potential. In Pakistan the current level of trade, including the vast informal sector is expected to be more than $50 million annually. Most of the exports are in form of rough stones, mainly because of lack of sophisticated processing industry in the country.

The proposed project aims at filling this gap of value adding facilities in the gems industry. Financial analysis shows the unit making profit from the very first year. An enormous export market for the Pakistani gemstones exists in West Europe, USA and East Asia. It is of important significance that the gem industry and the Government of Pakistan are recognizing the potential in the local value addition and consequently import duty on lapidary equipment has been waived off.

This proposed unit with modern processing machines is an addition to a gems processing industry where dozens of small players are involved in cutting and polishing by simple and unsophisticated tools which are not preferred by many trader/exporters of gems

1.2 Opportunity Rationale

Pakistan is fortunate enough to be strategically located close to some of the major markets such as Thailand and Sri Lanka. Besides, it has one of the largest deposits of gemstone variety, including some highly priced and demanded gemstones like Emerald and Ruby. There is also availability of low cost labor compared to those in other countries.

There is no doubt that Pakistan has an enormous potential to increase its exports manifolds, and could become one of the major players in the $ 40.7 billion world market.

There is a large variety in gemstone deposits of Pakistan including Emeralds of Mingora, Gujar Killi and Shamozai, Pink and Golden Topaz of Mardan and Aquamarine of Chitral and Neelam Valley and Peridot of Dassu, which are well known for their color and clarity.

Pakistan’s Pink Topaz and Kashmir Ruby, are unique items all over the world, especially the Pink Topaz was considered as one of the second highest valued mineral, that was being smuggled to India in raw form, and then sold in the international market as a refined high cost item by India. Establishment of lapidary for cutting and polishing of gemstone, Topaz other precious minerals could alone increase yields from current $12 million to over $1billion.

Most precious stones, which were previously being exported from Kabul, are now believed to be going through Peshawar.

Pakistan has a potential yield of 800 thousand carats of Ruby, 875 thousand carats of Emerald and 5 million carats of Peridot, which lay unutilized.



4

TTaabbllee 11--11 GGeemmssttoonnee RReesseerrvveess ooff PPaakkiissttaann

Stone Country Mines Carats in millions

Emerald Pakistan

Afghanistan

Mingora

Gujar Killi

Shamazoi

Pansher

20-30

20-30

20-30

30-60

Ruby Kashmir

Afghanistan

Nangimali

Jagdalak

100-200

100-200

Peridot Pakistan Dassu 75-100

1.3 Proposed Capacity

The feasibility study suggests an annual production 3300 units1/year.

1.4 Total Project Cost

The total project cost of this lapidary unit is Rs. 1.65 million. Out of which capital cost of the project is Rs 1.37 million and the rest is used to meet the working capital requirement.

1.5 Process Flow

The process of Lapidary includes grading, cutting and polishing of gemstones. Raw stones are either purchased from the market or collected from the customers. Individual stone is then examined (graded) and cut into smaller stones along its major line of fracture and inclusions. The smaller pieces are then mounted on cutting tools, which are then faceted on faceting machines. The final operation involves polishing of the faceted stones. Polished stones are then delivered to the customers or sold to the market.

1 Includes Beads Making, Assortments, Gems Cutting & Polishing

Raw Stones of customers

Purchase of Raw Stones

Grading Cutting Polishing

Delivery to Customers

Sale to Market



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2 CURRENT INDUSTRY STRUCTURE

2.1 Existing Split of Industry

Main cluster of gemstone processors is in the Namak Mandi market in Peshawar. Moreover, Karachi also houses a large gem and gold jewelry making industry, catering to local as well as export markets. Lahore is another emerging market of gems and jewelry trade.

3 MARKETING

3.1 Export Market

Pakistan has emerged as the fifth largest country for the occurrence of gemstones on the world map. The total global gemstone exports for the year 2004 are $57954million, $48363 million in 2003 and in 2002 $ 46369 million..

Details of year wise Gems and Jewelry export from Pakistan are given below in the table:

Value in million US$Product July – June

2002 - 2003July – June2003 - 2004

July – June2004 - 2005

July – June2005 - 2006

Gems 2.173 3.693 3.430 4.612

Jewelry 22.601 24.489 16.727 16.142

Total 24.774 28.182 20.157 20.754



6

FFiigguurree 33--11 WWoorrlldd VVss PPaakkiissttaann GGeemmssttoonnee EExxppoorrttss

FFiigguurree 33--22 MMaajjoorr BBuuyyeerrss ooff PPaakkiissttaannii GGeemmssttoonnee

Source: Export Promotion Bureau

Hong Kong25%

UAE4%France

4%

India3%

U.K5%

Germany20%

USA33%

Thailand2% Others

4%

Pakistan’s official export of rough gemstones for the year 2005-06 was $4.350million, with major markets being USA, Hong Kong, Germany and the United Kingdom having 33%, 25% and 5% market shares respectively.

2,871

47,213,771

1,636

43,763,110

2,057

46,369,815

3,678

48,363,606

3,614

57,954,241

0

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,000

$ m

illi

on

2000 2001 2002 2003 2004

Pakistan World



7

In the global trade of gemstones around $57.95 billion per annum, Pakistan’s exports of gemstones are shown in Table 3-1:

TTaabbllee 33--11:: --PPaakkiissttaann’’ss EExxppoorrttss ooff GGeemmssttoonneess ((VVaalluuee iinn $$ ‘‘000000’’))

Countries 2002 – 03 2003 – 04 2004 – 05 2005 - 06Australia 6 15 12 43Austria 22 14 57 47Canada 5 3 8 57China 27 10 9 70Dubai 55 38 - -France 46 108 20 52Germany 317 417 338 557Hong Kong 832 1611 871 869India 175 824 190 307Italy 18 53 89 39Japan 11 23 22 60Netherlands 9 14 329 44Thailand 123 188 334 366USA 330 417 597 1067UK 55 50 388 141Others 7 58 114 55Total 2173 3696 3601 4350

Source EPB & APCEA

The above table shows a significant increase in gems export from Pakistan during the last four years. Major buyers of precious and semi precious stones were Germany, Hong Kong, India, USA, Thailand, Netherlands and France etc.

3.2 Total market size and growth

While gemstone exports from Pakistan are increasing, the growth is insignificant compared to the large potential in the country. There is a need to increase not only the quantity of gemstones exported but also the quality. This can be achieved by developing a cutting industry in Pakistan to add value to the rough stones that are being exported.



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4 HUMAN RESOURCE REQUIREMENTS

For a gemstone lapidary unit of 3300 units per year, the human resource requirement is given in Table 4-1:

TTaabbllee 44--11:: -- HHuummaann RReessoouurrccee RReeqquuiirreemmeenntt

Positions Number Salary/ month

Salary/ annum

Manager 1 20,000 240,000Supervisor 1 10,000 120,000Junior Cutter/Assistants 8 3,500 336,000Accounts/Administration Incharge 1 8,000 96,000Marketing Officer 1 10,000 120,000Assistants/Peons 2 3,000 72,000Security Services Fees 1 6,000 72,000Total 15 1,040,000

5 MACHINERY DETAILS

Following combination of machinery is required for cutting and polishing of 3300 units per year. Approximate prices for machinery of different origins are given below:

TTaabbllee 55--11:: -- MMaacchhiinneerryy RReeqquuiirreemmeenntt

Machinery Required Make Cost/ Machine Total CostTrim Saw 2 Pakistan 50,000 100,000Facetor 2 Pakistan 40,000 80,000Calibrating machines with wheels

2 Japan 150,000 300,000

Dual Edge Grinding Machine

1 Japan 100,000 100,000

Buffing, Sanding & Polishing Sets

1 Pakistan 100,000 100,000

Gem Pack 3 China/ Thai 100,000 300,000Faceting Table 1 Pakistan 20,000 20,000Total 12 1,000,000

6 RAW MATERIAL

Basic raw material required for grinding semi-precious stones that are used for beads making is Carborendum Powder, which comes in three sizes of 220, 400 and 600 mesh. Raw material required for grinding and polishing of precious stones includes Diamond Powder, Aluminum Oxide, Tin Oxide, and Cirium Oxide and Crome Oxide.



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TTaabbllee 66--11:: RRaaww MMaatteerriiaall RReeqquuiirreedd ffoorr GGrriinnddiinngg aanndd PPoolliisshhiinngg

Raw Material Consumption PriceCarborendum Powder220 mesh 100 Kg $35/10 lbs.400 mesh 100 Kg $37/10 lbs.600 mesh 50 Kg $39/10 lbs.Diamond Powder1 micron 500 Carats $70/100 carats15 micron 300 Carats $100/100 caratsAluminum Oxide (Raybrit) 5 lbs. $75/lbsTin Oxide 5 lbs. $25/lbsCirium Oxide 5 lbs. $15/lbsCrome Oxide 10 Kg Rs 500/kgGrinding Laps 12 Rs 8000Precision Drill 12 Rs 4000Total Rs. 1,76,780

7 LAND & BUILDING REQUIRMENT

Total land required for a project of this size is 1000 Square Feet.

TTaabbllee 77--11:: -- SSppaaccee RReeqquuiirreemmeenntt

Description Sq ftCutting & Polishing Room 500Strong Room2 250Offices 250Total Area Required 1000

Almost all of the rented area of 1000 square feet would be utilized for cutting and polishing hall and offices/strong room.

7.1 Recommended mode for acquiring Land

The project should be started in a rented building. In this way, the initial capital cost of the project will be far less.

7.2 Suitable Location

The most appropriate location for setting up a gem lapidary would be Peshawar, since major trade/export is taking place in this city. Within Peshawar, Namak Mandi area is preferable as large gem cluster exists here. Similarly, Karachi, with its large gold and gem studded jewelry making industry, is another suitable location. Lahore can be another alternative for establishing this unit.

7.3 Infrastructure Requirement

Electricity 2 Vault for security purpose



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Water Road

8 PROJECT ECONOMICS

TTaabbllee 88--11 TToottaall PPrroojjeecctt CCoosstt

Project cost Total CostPlant and Machinery 1,000,000Furniture/ Fixture & Equipment 150,000Pre-operational Expenses3 50,000Total Fixed Cost 1,200,000Raw Material Inventory 176,780Upfront Building Rent 240,000Working Capital 500,000Total Project Cost 2,116,780

TTaabbllee 88--22 PPrroojjeecctt RReettuurrnnss

ProjectIRR 69.10%NPV (Rs) 2,958,643Payback Period (yrs) 2.37

TTaabbllee 88--33 FFiinnaanncciinngg PPllaann

Financing Ratio RsEquity 50% 1,058,390Debt 50% 1,058,390

3 Includes legal and registration charges



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9 KEY SUCCESS FACTORS

The commercial viability of this Gemstone Lapidary depends primarily on theregular orders from the customers. Following are some other points that have to be ensured to make the business successful:

Availability of raw material (gemstones). Reliability and contacts with the traders. Proximity to the Gem cluster.

10 THREATS FOR THE BUSINESS

The main reason why Pakistan has not been able to boost its exports is due to lack of value addition. Small units of cutting and polishing are established in all cities of Pakistan, but their quality is not according to the international standards.

We do not have experienced cutters to use imported machinery and this is the reason that our cutting and polishing of precious stones are poor. Thus lack of adequate technical know-how is one of the major threats for this business.

The problem of irregular supply from the mines is also a major problem, which hinders the smooth operation of cutting and polishing units. The present world is demanding calibrated sizes of different shapes of oval, rounds, princess cut, etc. The local market is also highly developed, and on per capita basis, it is one of the strongest in terms of revenue generation in view of the importance given to jewelry in Pakistan.

For a business like a lapidary unit safety and security also acts as a major threat

11 REGULATIONS

The Government has decided to declare lapidary as cottage industry and to achieve $1 billion mineral export target by 2006 the government plans to spend $50,000 per annum for cutting, polishing and marketing of Gems, Topaz and other precious stones and metals. The amount of $50,000 would be spent for hiring expatriates and lapidary experts to impart training to local people to set up Gem Trade Centers in the private sector.

Under the present export policy, Government has allowed duty free imports of all the equipment, which are used in finishing process of gems and jewelry. This will definitely boost the exports of these two items.



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Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10Sales 2,719,200 3,568,950 3,747,398 3,934,767 4,131,506 4,338,081 4,554,985 4,782,734 5,021,871 5,272,965 Cost of goods sold

Rough Gems 500,000 525,000 551,250 578,813 607,753 638,141 670,048 703,550 738,728 775,664 Consuables 313,798 329,488 345,962 363,260 381,423 400,495 420,519 441,545 463,623 486,804 Payroll (production Staff) 456,000 501,600 551,760 606,936 667,630 734,393 807,832 888,615 977,476 1,075,224 machine Maintenance 45,375 47,644 50,026 52,527 55,154 57,911 60,807 63,847 67,040 70,392 Direct Electricity 96,735 106,409 117,049 128,754 141,630 155,793 171,372 188,509 207,360 228,096 POL 36,000 39,600 43,560 47,916 52,708 57,978 63,776 70,154 77,169 84,886 Stationery 40,000 42,000 44,100 46,305 48,620 51,051 53,604 56,284 59,098 62,053 Total 1,487,908 1,591,740 1,703,708 1,824,511 1,954,917 2,095,762 2,247,958 2,412,505 2,590,494 2,783,119

Gross Profit 1,231,292 1,977,210 2,043,690 2,110,256 2,176,588 2,242,320 2,307,027 2,370,230 2,431,377 2,489,846 Operating expenses

Payroll (Admin) 480,000 528,000 580,800 638,880 702,768 773,045 850,349 935,384 1,028,923 1,131,815 Payroll (Marketing and Sales) 120,000 132,000 145,200 159,720 175,692 193,261 212,587 233,846 257,231 282,954 Fixed electricity 12,974 14,271 15,699 17,268 18,995 20,895 22,984 25,283 27,811 30,592 Administrative Overheads 43,000 48,672 51,106 53,661 56,344 59,161 62,119 65,225 68,486 71,911 Amortization 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 Depreciation - 115,000 115,000 115,000 115,000 115,000 115,000 115,000 115,000 115,000 Total 660,974 842,943 912,804 989,529 1,073,799 1,166,362 1,268,040 1,379,738 1,502,451 1,637,271 Operating Profit 570,318 1,134,266 1,130,886 1,120,727 1,102,789 1,075,958 1,038,987 990,492 928,927 852,574 Non-operating expensesFinancial Charges on Long-term Loan 77,152 66,367 53,642 38,626 20,908 - Financial Charges on Running Finance - - - - - - Building Rent 180,000 189,000 198,450 208,373 218,791 229,731 241,217 253,278 265,942 279,239 Total 257,152 255,367 252,092 246,999 239,699 229,731 241,217 253,278 265,942 279,239

Profit Before Tax 313,166 878,899 878,794 873,728 863,091 846,227 797,770 737,214 662,985 573,335 Tax 7,729 149,043 172,542 176,977 180,430 182,801 173,042 160,040 143,358 122,508 Profit After Tax 305,437 729,856 706,252 696,751 682,661 663,426 624,728 577,174 519,627 450,827 Retained Earnings beginning of year - 305,437 1,035,293 1,741,545 2,438,296 3,120,957 3,784,383 4,409,111 4,986,284 5,505,911 Retained Earnings end of year 305,437 1,035,293 1,741,545 2,438,296 3,120,957 3,784,383 4,409,111 4,986,284 5,505,911 5,956,738

12.1 Projected Income Statement12. Project Financials



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Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Current Assets

Cash - - - - - - - - - - -

Stocks and Inventory 162,760 170,898 179,443 188,415 197,836 207,728 218,114 229,020 240,471 252,494 -

Receivable - 271,920 356,895 374,740 393,477 413,151 433,808 455,499 478,273 502,187 527,296

Pre-paid Building Rent 180,000 189,000 198,450 208,373 218,791 229,731 241,217 253,278 265,942 279,239 293,201

Total 342,760 631,818 734,788 771,527 810,104 850,609 893,139 937,796 984,686 1,033,920 820,497

Gross Fixed Assets 1,150,000 1,150,000 1,150,000 1,150,000 1,150,000 1,150,000 1,150,000 1,150,000 1,150,000 1,150,000 1,150,000 Less: Accumulated Depreciation - 115,000 230,000 345,000 460,000 575,000 690,000 805,000 920,000 1,035,000 1,150,000

Net Fixed Assets 1,150,000 1,035,000 920,000 805,000 690,000 575,000 460,000 345,000 230,000 115,000 -

Intangible AssetsPre-operational Expenses 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 -

Total 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 -

Total Assets 1,542,760 1,711,818 1,694,788 1,611,527 1,530,104 1,450,609 1,373,139 1,297,796 1,224,686 1,153,920 820,497

Current Liabilities

Running Finance 342,760 288,630 - - - - - - - - -

Accounts Payable - 94,380 102,539 107,665 113,049 118,701 124,636 130,868 137,411 144,282 151,496

Total 342,760 383,010 102,539 107,665 113,049 118,701 124,636 130,868 137,411 144,282 151,496

Long term Liabilities

Long term Loan 428,620 368,708 298,012 214,590 116,153 (0) - - - - -

Total 428,620 368,708 298,012 214,590 116,153 (0) - - - - -

Equity

Paid-up Capital 771,380 771,380 771,380 771,380 771,380 771,380 771,380 771,380 771,380 771,380 771,380

Retained Earnings - 243,741 921,643 1,627,895 2,324,646 3,007,306 3,670,732 4,295,460 4,872,634 5,392,261 5,843,088

Total 771,380 1,015,121 1,693,023 2,399,275 3,096,026 3,778,686 4,442,112 5,066,840 5,644,014 6,163,641 6,614,468 Total Liabilities and Equity 1,542,760 1,766,839 2,093,574 2,721,530 3,325,228 3,897,387 4,566,748 5,197,708 5,781,425 6,307,923 6,765,964

12.2 Projected Balance Sheet



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Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Operating activitiesNet profit 243,741 677,903 706,252 696,751 682,661 663,426 624,728 577,174 519,627 450,827

Amortization (Pre-operational Expenses) 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000

Depreciation 115,000 115,000 115,000 115,000 115,000 115,000 115,000 115,000 115,000 115,000

Accounts receivable (271,920) (84,975) (17,845) (18,737) (19,674) (20,658) (21,690) (22,775) (23,914) (25,109)

Stocks-RM (162,760) (8,139) (8,545) (8,972) (9,421) (9,892) (10,386) (10,906) (11,451) (12,024) 252,494

Accounts Payble 94,380 8,159 5,126 5,384 5,652 5,935 6,232 6,543 6,871 7,214

Cash provided by operations (162,760) 178,062 712,542 804,561 793,977 778,747 758,317 718,364 669,491 610,560 805,426

Financing activitiesLong term debt principal repayment (59,912) (70,696) (83,421) (98,437) (116,153)

Add: Building Rent Expense 180,000 189,000 198,450 208,373 218,791 229,731 241,217 253,278 265,942 279,239

Building Rent Payment (180,000) (189,000) (198,450) (208,373) (218,791) (229,731) (241,217) (253,278) (265,942) (279,239) (293,201)

Addition to long term debt 428,620

Running Finance Repayment (342,760) (288,630)

Issuance of share 771,380

Cash provided by (used for) financing activites 1,020,000 (411,672) (368,776) (93,344) (108,856) (127,093) (11,487) (12,061) (12,664) (13,297) (13,962)

Total 857,240 (233,610) 343,766 711,217 685,121 651,654 746,831 706,303 656,827 597,263 791,464

Investing activitiesCapical Expenditure (1,200,000) Cash provided/used by investing activities (1,200,000)

Net Cash (342,760) (233,609) 343,766 711,217 685,121 651,654 746,831 706,303 656,827 597,263 791,464

Cash balance brought forward - - 55,021 398,786 1,110,003 1,795,124 2,446,779 3,193,609 3,899,912 4,556,739 5,154,002

Cash balance brought forward (342,760) (233,609) 398,786 1,110,003 1,795,124 2,446,779 3,193,609 3,899,912 4,556,739 5,154,002 5,945,466

12.3 Projected Cash Flow Statement



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13 KEY ASSUMPTIONS

Table 13-1 Machinery Assumptions

Number of Machines Installed 12Year 1 Capacity Utilization 80%Maximum Capacity Utilization 100%Total Production of the unit per day(stones) 11Total Production of the unit per month 275Total Production of the unit per year 3,300

Table 13-2 Operating Assumptions

Annual Production capacity 3,300Days operational per month 25Days operational per year 300

Table 13-3 Economy Related Assumptions

Electricity growth rate 10%Wage growth rate 10%Petrol, Oil and Lubrication (POL)price growth rate 10%Stationery price growth rate 5%

Table 13-4 Cash Flow Assumptions

Accounts Receivable cycle (in days) 30Accounts payable cycle (in days) 30Raw material inventory 60

Table 13-5 Product mix

Bead making 45.4%Table ware & decoration 27.3%Gems cutting and polishing 27.3%

4 Bead making and Table ware & Decoration is done by procuring raw material while Gems cuttingand polishing is the service provided by the Lapidary Unit.Pre-Feasibility Study Gemstone Lapidary



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Table 13-6: -Revenue Assumptions

Production capacity of the unit 3,300Bead making 500Table ware & decoration 800Gems cutting and polishing 1,800Sale price growth rate 5%Domestic Sales 100%

Table 13-7: -Expense Assumptions

Machine maintenance (% of total machinery cost) 3.75%Machine maintenance growth rate 5%Pre-paid building rent (months) 12Rough stones cost per year(according to the given composition)

500,000Raw material cost growth rate 5%Spare part inventory growth rate 10%Rent growth rate 5%

Table 13-8: -Financial Assumptions

Project life (Years) 10Debt 50%Equity 50%Interest rate on long-term debt 18%Interest rate on short term debt 18%Debt tenure (Years) 5Debt payments per year 1Discount rate (weighted Avg. cost of capital for NPV) 20%

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