Govt. steps up effort to iron out issues in local gem and jewellery sector

• President instructs officials to compile report on challenges and proposed issues in industry
• Opens Ratnapura Gem Tower

In an effort to further enhance the gem and jewellery industry’s contribution to the national economy, President Ranil Wickremesinghe has instructed the officials to compile a report by the end of April. 
The report will outline the potential solutions to the industry challenges and the proposed reliefs for its stakeholders. 
The set of instructions were issued when the relevant ministries highlighted the challenges stemming from the increased taxes in the gem and gold sectors.
Wickremesinghe said efforts are underway to help the gem and jewellery sector generate at least US $ 2 billion in the future, with a particular emphasis on ensuring benefits for gem miners during the sector’s development.
Wickremesinghe shared his views during the opening of the International Gem Trade Centre in Ratnapura – Ratnapura Gem Tower, on Thursday.
Commenting on the centre, Wickremesinghe expressed confidence in the facility elevating Sri Lanka’s gems to attain their rightful value on the international stage. 
This centre aims to position Sri Lanka as a prominent player in the global gem and jewellery market, fostering economic growth and prosperity for the nation.
Plans have been shown for the construction of the Ratnapura Gem Tower in the Demuwawa area of Ratnapura, to be executed in two phases. The initial phase saw the completion of a five-storey building, costing Rs.365 million. The forthcoming second phase entails the construction of an additional 14 floors, with an estimated expenditure of Rs.450 million.
The newly inaugurated International Gem Trade Centre comprises 27 business premises, with 17 allocated to local entrepreneurs and 10 designated for foreign counterparts. Financing for this venture is sourced from the National Gems and Jewellery Authority, aiming to establish an international hub facilitating seamless transactions between the sellers and buyers.
Functioning akin to renowned sales centres in Bangkok and Hong Kong, the centre will offer comprehensive services, including independent quality testing, laboratory facilities and banking and export services. This initiative aims to bolster the gem and jewellery trade, positioning Ratnapura as a pivotal player in the global market.