The government has pledged its fullest commitment to attain significant advancements in Sri Lanka’s gem industry within the next two years.
To achieve this goal, the government intends to implement a new program. Emphasizing the program’s positive impact on both the national economy and industry stakeholders, President Ranil WIckremasinghe highlighted plans for extensive modernization within the gem and jewellery sector.
President Wickremesinghe underscored the importance of not only providing tax concessions but also transforming the gem and jewellery industry into a pivotal sector that contributes significantly to the country’s foreign exchange earnings.
The President conveyed these aspirations during his attendance at the opening ceremony of the “Gem Sri Lanka 2024” Gem and Jewellery Exhibition organized by the China Fort Gems and Jewellery Trade Association yesterday (11).
The exhibition, hosted at the Bentota Cinnamon Bay Hotel, will run until January 13. President Wickremesinghe, inaugurating the event, actively participated in exploring trade stalls and engaging in friendly conversations with gem industrialists to better understand their challenges
Addressing the ceremony, President Wickremesinghe emphasized the need for a new economic system in the country that is geared towards exports, aiming to generate foreign exchange and foster economic growth.
In the forthcoming two months, diligent efforts are underway to craft this policy framework, signalling a significant stride toward the prosperity of our nation’s gem industry. Sri Lanka, with its vast potential in gems, stands poised for remarkable progress.
As Ian Fleming once immortalized diamonds by saying “diamonds are forever,” we proudly affirm that Sri Lanka’s gems, including the enduring sapphires, share a timeless legacy, he said.
Reflecting on the global landscape, it’s notable that the Chinese market, particularly represented by the Shenzhen Jewellery Association, is still in its early stages.
The government’s focus on gem re-export, value addition, and augmenting foreign exchange inflows necessitates a modernized gem industry.
Recognizing the associated challenges, it’s crucial to address them strategically. While tax relief has been a customary request, merely granting concessions without substantial sectoral growth is inadequate.
The key lies in concurrent development and strengthening of economic foundations for everyone involved in the industry, alongside fostering knowledge enhancement for gem polishers.
The restoration of essential services, facilitated by foreign exchange, marks a significant achievement. However, it’s crucial to note that this foreign exchange is sourced from institutions like the World Bank and the support of nations, such as the American government’s provision of fertilizers in 2022.
