President seeks plan to boost gem, jewellery exports by four fold to $ 2 b

President Ranil Wickremesinghe 

President Ranil Wickreme-singhe last week urged officials to swiftly provide comprehensive plans for achieving the country’s objective of bolstering annual export earnings through enhancements in gem and jewellery exports and re-exports.

During a recent discussion held to address issues within the gem and jewellery industry, the President highlighted the importance of promptly addressing challenges in the gem and jewellery sector to boost the country’s revenue from exports.

He stressed that progress toward this year’s target growth in the industry has not met expectations compared to the previous year. As a result, he emphasised the necessity of implementing a well-structured strategy aimed at attaining an annual export revenue of at least $ 2 billion. 

According to Central Bank, in 2022, Sri Lanka’s gems, diamonds and jewellery exports amounted to $ 450.6 million up by 63% from the previous year.

The President also revealed that recommendations pertaining to tax policies for the advancement of the gem and jewellery sector were submitted to him by the “Sectoral Monitoring Committee on Environment, Natural Resources and Sustainable Development.”

Deliberations extended to discussions on taxes impacting the industry as well as the export and re-export procedures. Pertinent stakeholders also shared insights with the President regarding the challenges that have arisen within the sector.

President Wickremesinghe assured that the Government is fully prepared to provide necessary support and facilities if a formalised plan to elevate the gem and jewellery industry in Sri Lanka is promptly presented.

Notable figures present during the discussion included State Investment Promotion Minister Dilum Amunugama, Secretary to the President Saman Ekanayake, Senior Advisor to the President on Economic Affairs Dr R.H.S. Samaratunga, Sectoral Monitoring Committee on Environment, Natural Resources and Sustainable Development Chairman Ajith Mannapperuma, committee members, and heads of associated line agencies.