Sri Lanka targets US$ 2bn from gem and jewellery exports

During a recent high-level discussion at the Presidential Secretariat, President Ranil Wickremesinghe called for urgent and comprehensive plans to revitalise Sri Lanka’s gem and jewellery industry, aiming to enhance annual export earnings. 
Wickremesinghe stressed the need to address challenges within the sector promptly, highlighting a decline in growth compared to the previous year’s expectations. 

With a target of achieving an annual export revenue of at least US$ 2 billion, the President underscored the importance of a well-structured strategy.
Sri Lanka earned US$ 450 million from gem, diamonds and jewellery exports in 2022. For the first half of 2023, Sri Lanka has earned US$ 268.8 million from such exports.
The discussions also revolved around tax policies, with recommendations submitted by the ‘Sectoral Monitoring Committee on Environment, Natural Resources and Sustainable Development.’

The discussions covered taxes impacting the industry, export and re-export procedures, and challenges faced by stakeholders.  Wickremesinghe assured full government support if a formalised plan is presented swiftly to elevate Sri Lanka’s gem and jewellery sector.
State Minister for Investment Promotion Dilum Amunugama, Secretary to the President Saman Ekanayake, Senior Advisor to the President on Economic Affairs Dr. R.H.S. Samaratunga, Chairman of the Sectoral Monitoring Committee on Environment, Natural Resources and Sustainable Development Ajith Mannapperuma, committee members, and heads of associated line agencies were present at the meeting.