Sri Lanka aims to make Ratnapura a global gem and jewellery hub, says Minister
Newswire: The government aims to develop Ratnapura into a global hub for the gem and jewellery industry, Industry and Entrepreneurship Development Minister Sunil Handunnetti said recently.He was speaking at the opening of the “Gem City Ratnapura 2026” international gem exhibition at the Grand Silver Ray complex in Ratnapura.The three-day exhibition is being organised for the third consecutive year by the National Gem and Jewellery Authority (NGJA) and the Lanka Gem Dealers and Miners Association (LGDMA), with international investors and buyers from countries including the United States, China, Japan, Thailand, India and Spain attending.Handunnetti said the government’s vision was to establish Ratnapura not only as a centre for locally mined gems but also as a global hub where imported gems could be value-added and exported to international markets.He said the government expects the gem and jewellery industry to generate annual export revenue of $2 billion through value-added products.Handunnetti also highlighted the need for environmental protection, greater participation and empowerment of women in the industry, increased transparency and higher levels of value addition to strengthen the international competitiveness of Sri Lankan gems.Foreign Affairs, Foreign Employment and Tourism Minister Vijitha Herath, delivering the keynote address, said the government would use Sri Lankan diplomatic missions overseas to expand international markets for sapphires and other Sri Lankan gems.Herath said the government also planned to create international employment opportunities for local workers and attract foreign investment by linking the gem and jewellery industry with tourism.The exhibition provides small and medium-scale entrepreneurs with opportunities to access international markets, according to the Ministry of Industry and Entrepreneurship Development.
OSL take:
Sri Lanka’s plan to transform Ratnapura into a global gem and jewellery hub is creating new business/investment opportunities for foreign businesses/investors across mining, processing, jewellery manufacturing and international trade. The Sri Lankan Government is targeting US$2 billion in annual gem and jewellery export earnings through greater value addition, creating scope for foreign companies to establish partnerships in gem cutting and polishing, jewellery manufacturing, certification, design and branding. Investors could also bring advanced technology and expertise to improve the processing of Sri Lankan sapphires and other precious stones for high-value international markets. A particularly significant opportunity is the proposed model of importing gems into Sri Lanka for value addition and re-export. This could allow international traders and jewellery companies to use Ratnapura as a regional processing and trading centre rather than simply a source of locally mined stones. There is also potential in gem tourism, luxury retail, auction platforms and international jewellery exhibitions, particularly as the Sri Lankan Government seeks to link the industry with tourism and use Sri Lankan diplomatic missions to expand overseas markets. For foreign investors, Sri Lanka therefore offers opportunities across the entire value chain – from sourcing and processing to jewellery manufacturing, tourism, branding and global distribution – as the country seeks to establish Ratnapura as a globally competitive gem and jewellery destination.
| Article Code : | VBS/AT/20260907Z_4 |