Gem and jewellery sector calls for more liberalised environment to unleash full potential

• Advocates for reduction in current regulations, which act as a major impediment to boosting gem exports

Sri Lanka’s gem and jewellery sector this week stressed the need for a more liberalised operating environment to facilitate its growth and enhance its role as a significant contributor to the national economy.

Industry stakeholders highlighted that Sri Lanka possesses immense potential to serve as a hub for gem and jewellery in the South Asia region. However, achieving this position necessitates the creation of a conducive environment by the authorities.

“We are looking to increase our exports and for that we are expecting the State to facilitate us. It should be one in such a way that we (industry stakeholders and government) work hand in hand,” said Altaf Iqbal, Chairman of FACETS 2024 gem and jewellery exhibition, which is scheduled to take place from January 6 to 8, 2024.

He advocated for a reduction in the current regulations, which currently act as a major impediment to boosting gem exports.

Industry stakeholders have held discussions in this regard with relevant government officials. While their grievances have been acknowledged, effective solutions are yet to be delivered. 

When compared with regional peers, the stakeholders of the local gem and jewellery sector have less liberty when it comes to trading.

When compared to their regional peers, stakeholders in the local gem and jewelry sector have less freedom in trading.

Sri Lanka’s gem and jewellery exports have shown positive growth when compared with 2022. As per Central Bank data, for the year so far, the industry has fetched foreign exchange amounting US$ 315 million, which is a 34 percent increase from what was recorded for the whole of 2022. 

Last year, the gem and jewelry sector recorded export revenue worth US$ 230 million.