Sri Lankan government revises export charges to permit online trading of gems - Opportunity Sri Lanka
Sri Lankan government revises export charges to permit online trading of gems

Sri Lankan government revises export charges to permit online trading of gems

The government of Sri Lanka has taken steps to revise the current export charges imposed by the National Gem and Jewellery Authority (NGJA) in order to facilitate online trading.
According to local media reports, the Cabinet of Ministers has approved the submission of orders issued by the gazette notification 2232/36 to the Parliament to give legal effect to the moves.
The gazette notification has stated that gem and jewellery export consignments conducted online below the FOB value of US$ 1,000 will be free-of-charge, whilst export consignments conducted online to the FOB value between US$ 1,000 and US$ 3,000 (inclusive of both figures) will be charged Rs. 3,000.
The fee for gem and jewellery export consignments conducted online above the FOB value of US$ 3,000 has also been reduced to 0.25% of the FOB value of the invoice from 0.5%.
Sri Lanka’s Industries Minister Wimal Weerawansa has issued the relevant gazette notification.
“The demand for gems in the international market has dropped significantly due to the COVID-19 pandemic. Therefore, the industry stakeholders have requested the NGJA to provide relief for charges levied on gem exports and facilitate online gem exports,” Sri Lanka’s Government Information Department has stated in a statement.
According to provisional data, gem, diamond and jewellery exports in the first seven-months of 2021 had generated US$ 183 million as against US$ 90 million in 2020.

OSL take:

Sri Lanka has been renowned through history for it’s precious stones and jewellery. Gems from Sri Lanka have even made their way to Royal houses around the world. The world’s largest cluster of blue sapphires was recently discovered in Sri Lanka and is to be subjected to an international auction in a few months. Given Sri Lanka’s many trade agreements and concessions, the gem and jewellery industry has posed a lucrative business venture in Sri Lanka. Foreign businesses/investors could therefore explore business/investment opportunities in Sri Lanka’s gem and jewellery industry.

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Article Code : VBS/AT/02092021/Z_2

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