Sri Lanka’s Diamond Cutters sign BOI deal to invest over $ 10 million in modern manufacturing facility
Sri Lanka’s Diamond Cutters Ltd. is reportedly investing over $ 10 million to further expand its production through a state-of-the-art manufacturing facility in Panadura. The Company has signed the relevant agreement with Sri Lanka’s Board of Investment (BOI) and the project is expected to be completed within 18 months.
According to reports, Diamond Cutters is an export oriented company and is the largest supplier of diamonds to the luxury watch industry in Switzerland and is a fully export oriented or-ganisation. The Company as a result has contributed immensely towards Sri Lanka’s economy of Sri Lanka by earning foreign exchange for the country.
A spokesman for the Company has reportedly stated that the Company’s move was to further extend its investment confidence in Sri Lanka.
OSL take:
Sri Lanka’s gem and jewellery industry is yet another fast growing business sector in the country that has managed to attract many foreign buyers. The country’s gem and jewellery industry has a rich heritage with ‘Gems of Ceylon’ as they were known in the past have made their way to many Royal households around the world. Local authorities are working towards developing Sri Lanka’s gem and jewellery industry to regain its prominence in the international market. The many trade agreements and trade concessions enjoyed by Sri Lanka have also helped boost the local gem and jewellery industry in the foreign market. The investments in expanding businesses in the sector is indicative of the growing business potential in Sri Lanka’s gem and jewellery sector. Foreign businesses/investors could therefore explore the growing opportunities in the industry while also looking at forming partnerships or joint ventures to expand operations in the region.
| Article Code : | VBS/AT/08072022/X_2 |