Government identifies gem and jewellery as a key thrust sector for development

By Nishel Fernando 

The government has identified gem and jewellery as a thrust sector to be developed with an aim to position Sri Lanka as an Asian Gem hub for gem sourcing and trading with all necessary infrastructure facilities.

Export Development Board (EDB) Chairman and CEO Mangala Wijesinghe outlined gem and jewellery sector‘s role in achieving over US$ 25 billion in merchandise exports by 2030. 

“We acknowledge the importance of establishing, enhancing and modernising the marketplace for potential targeting of foreign buyers. EDB will closely work with the Gem and jewellery Authority in promoting and developing this industry in global market,” he said.

He made these remarks at the launch event of ‘Gem Sri Lanka’ held in Colombo on Tuesday.

Wijesinghe noted that the current government in particular focuses on sustainable sourcing utilisation. 
“Sri Lanka is maintaining a leading position when it comes to sourcing of valuable gems. Sri Lanka should work for obtaining maximum value addition for all the gem stones mined in Sri Lanka and also focus on ethical mining to become a sustainable sourcing destination,” he elaborated.

According to him, Sri Lanka is well-known for 80 varieties of globally popular gems and already well-positioned to become a global hub for gem sourcing.

In 2023, gem and jewellery sector was the eighth largest export earner with a contribution of US$ 380 million to Sri Lanka’s merchandise export income. In addition, the sector also remains critical for employment generation in the country.