Sri Lanka to set up Rs. 365 million international gem and jewellery trade center
Sri Lanka to set up Rs. 365 million international gem and jewellery trade center

Sri Lanka to set up Rs. 365 million international gem and jewellery trade center

The government of Sri Lanka has decided to construct an international gem and jewellery trade center in Ratnapura at a cost of Rs 365 million in order to make way for sellers and buyers to engage under one roof.

Sri Lanka’s Government Information Department has stated that the Cabinet of Ministers has given the nod to a proposal to use funds belonging to the National Gem and Jewellery Authority for the project.

According to the statement, the first phase of the project will see the construction of a five-storey building with a floor area of 1,500 square feet on a 22-perch plot of land in Demuwawatta, Ratnapura.

“The centre will provide independent quality testing services, laboratory services and banks and export services as in Bangkok and Hong Kong which are the leading sales centres for Gem and Jewellery sales in Asia,” the statement has noted.

The statement has further explained that it has been proposed to acquire the adjacent plot of land to the aforementioned plot of land and build a modern, 14-storey building as the second phase of the project.

The Cabinet has also decided to award the contract of designing and constructing the proposed building in the first phase of the project to the Central Engineering Consultancy Bureau, the statement has added.

OSL take:

Sri Lanka’s gem and jewellery sector has attracted much international interest through the years. The outgoing South African envoy in Sri Lanka has in fact informed the government of Sri Lanka of the interest in Sri Lanka’s gem and jewellery sector. Sri Lankan gems are globally renowned and are even worn by royalty even today. Therefore, The proposed new centre would further help boost Sri Lanka’s gem and jewellery sector. Foreign businesses/buyers could explore opportunities in Sri Lankan gems and jewellery. 

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Article Code : VBS/AT/18122020/Z_3

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