Ranil pledges to boost gem and jewellery sector over next two years

President Ranil Wickremesinghe looking at a collection of gemstones at a stall at the ‘Gem Sri Lanka 2024’ exhibition
- Picture courtesy: PMD 

• Assures support to the sector so that it brings a positive impact for economy and stakeholders
• Says “diligent efforts” are underway to craft policy framework for the sector
• Asserts merely granting tax concessions without substantial sectoral growth is inadequate

Sri Lanka’s gem and jewellery industry will receive a fresh boost as plans are afoot to bring in significant advancement to the industry over the next two years, the government said.

The pledge to support the gem and jewellery sector was made by President Ranil Wickremesinghe who shared that the said programme will bring about “positive impact” to both, the national economy and industry stakeholders.
He said efforts are underway for extensive modernisation. 

“In the forthcoming two months, diligent efforts will be underway to craft this policy framework, signalling a significant stride towards the prosperity of our nation’s gem industry. Sri Lanka, with its vast potential in gems, stands poised for remarkable progress,” he said.

Wickremesinghe shared his views while addressing the opening ceremony of the ‘Gem Sri Lanka 2024’exhibition organised by the China Fort Gems and Jewellery Trade Association.

The government’s focus on gem re-export, value addition, and augmenting foreign exchange inflows necessitates a modernised gem industry. 

“Recognising 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,” he said.

Wickremesinghe noted that while tax relief has been a customary request, merely granting concessions without substantial sectoral growth is inadequate. 

According to him, the key lies in concurrent development and strengthening of economic foundations for everyone involved in the industry, alongside fostering knowledge enhancement for gem polishers.

“I strongly oppose the proposal to grant tax exemptions merely for individuals to amass personal wealth. My objective is to foster substantial growth in the industry over the next two years, with a particular focus on benefiting the communities in Beruwala, Ratnapura and Laggala. This approach should not only contribute to the national welfare but also ensure widespread prosperity within the industry,” said Wickremesinghe.