Provincial officials inspecting an emerald during a weekly auction in Bazarak. — Photos: ©2025 The New York Times Company
IN a chilly auditorium in Afghanistan, piles of freshly mined emeralds gleamed under bright table lamps as bearded dealers inspected them for purity and quality.
An auctioneer called for bids on a 256-carat lot, marking the start of the Taliban’s weekly gemstone auction.
These sales, held in the emerald-rich Panjshir province, are part of the Taliban government’s bid to capitalise on Afghanistan’s vast mineral and gemstone resources.
Since seizing power in August 2021, the Taliban have signed deals with numerous investors to mine gemstones, gold, copper and other valuable minerals.
This buried wealth offers a crucial revenue stream for the nation’s fragile economy.
The US government estimates that at least US$1 trillion worth of mineral deposits lie beneath Afghanistan’s rugged terrain.
These include copper, gold, zinc, cobalt, lithium and industrial minerals, along with precious and semiprecious gemstones such as emeralds, rubies, sapphires, and lapis lazuli.
China has spearheaded investments in Afghan mining projects through its Belt and Road Initiative, with Russia and Iran also stepping in. Turkiye and Qatar have joined the fray, alongside Uzbek firms extracting oil in northern Afghanistan.
During the United States’ 20-year occupation, it spent nearly US$1bil trying to develop Afghanistan’s mining sector, but tangible progress was minimal.
Persistent challenges – including poor infrastructure, security issues, corruption and inconsistent government policies – hampered development.
The Taliban, now desperate for revenue, are determined to overcome these hurdles.
With the sharp decline in international aid following the US withdrawal, Afghanistan’s economy has contracted by 26% over the past two years, according to the World Bank.
The Taliban’s ban on opium production has exacerbated economic difficulties, costing farmers around US$1.3bil in income and eliminating 450,000 jobs.
Mining, however, offers a glimmer of hope.
The Taliban have started collecting taxes on emerald sales, which were previously dominated by warlords and politically connected dealers under the former government.
The Taliban’s gemstone auctions have introduced structure and taxation to the emerald trade.
Buyers must pay a 10% levy before taking possession of their purchases.
“The government needs the money to develop the country,” said gemstone dealer Rahmatullah Sharifi. “The question is: will they spend it on helping the Afghan people?”
In Panjshir province, 560 emerald mining licences have been issued to Afghan and foreign investors. Licences for rubies and other precious stones have also been granted, with plans for further expansion across other provinces.
Despite these efforts, many new licences are for mines that are yet to open, while existing ones suffer from inadequate infrastructure and a lack of experienced technical personnel.
Hamayoon Afghan, a spokesman for the Ministry of Mines and Petroleum, acknowledged the shortage but said foreign investors are bringing in experts and are required to train locals.
Most emeralds bought at the weekly auctions are resold to foreign buyers.
Haji Ghazi, a dealer based in Kabul, handles emeralds worth up to US$250,000 (RM1.1mil) and rubies valued at US$20,000 (RM89,000). He sells mainly to buyers from the UAE, India, Iran, and Thailand.
“We miss the days when buyers came from the United States, Britain, France, and Germany,” Ghazi lamented.
Across Kabul’s bustling gemstone market, Azizullah Niyazi illuminated his collection of lapis lazuli, rubies and emeralds under a desk lamp.
Business, he noted, was far brisker when he operated a shop on a US military base, selling gems to soldiers and civilian contractors who rarely haggled.
“Now I must travel to China to increase sales,” Niyazi said, explaining that he opened a shop there for better business opportunities.
In Kabul, his clients mostly hail from Dubai, the UAE and neighbouring Pakistan.
Few Afghans can afford such luxuries.
“Not many can pay US$1,000 (RM4,450)or US$2,000 (RM8,900) for a stone to make a ring,” he shrugged. — ©2025 The New York Times Company
A precious industry
The remains of Soviet tanks in the hills near Bazarak, the capital of Panjshir Province. The Taliban government is counting on Afghanistan’s bountiful gemstone and mineral resources after the loss of billions of dollars in international aid. — Photos: ©2025 The New York Times Company
An old four-storey installation serving as a gemstone market, housing dozens of cell-like shops, on a busy commercial street in Kabul. — ©2025 The New York Times Company
Mine owners and local government officials during a weekly auction in Bazarak, the capital of Panjshir Province.
A man cutting and polishing emeralds in Kabul.
Gemstone dealer Rahmatullah showing an emerald in his shop in Kabul.
Emeralds and other gemstones in a shop in Kabul.
Haji Ghazi, who sells gemstones, uses a special lamp to inspect the gemstones’ quality at his shop in Kabul.
A set of emeralds in Kabul. Afghanistan is rich in emeralds and other gemstones.
Rahmatullah weighing emeralds in his shop in Kabul. — Photos: ©2025 The New York Times Company
