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Sri Lanka’s President pledges concessions for gem and jewellery industry

Sri Lanka’s President pledges concessions for gem and jewellery industry

Daily FT: President Ranil Wickremesinghe last week unveiled plans to provide concessions to stakeholders engaged in the gem and jewellery sector.
The initiative comes in response to the challenges faced by the industry, with the President emphasising the importance of addressing these issues to support those involved in the field. By offering solutions to the problems in the industry, relief will be extended to its stakeholders, ensuring their continued growth and prosperity.
However, the President explained that immediate changes to the tax policy are not feasible, but assured that efforts will be made to devise an effective system to boost the gem and jewellery industry.
The President directed officials to develop a viable system to expand the gem and jewellery industry.
Speaking at a discussion recently at the Presidential Secretariat, he instructed them to collaborate with the public and private sectors to draft a proposal addressing these issues within two weeks.
Extensive discussions were held regarding the challenges arising from the Government’s new tax policies, which have had repercussions on the gem and jewellery industry, along with other pertinent issues concerning the sector.
Wickremesinghe emphasised the need to focus on boosting gem exports and enhancing the value-added processes.
The President also unveiled plans to initiate mining operations in the Sabaragamuwa Province and the Nuwara Eliya district in the future. Gem businessmen will have ample opportunities to venture into mining in these regions.
Wickremesinghe said that a survey will be conducted to explore the feasibility of setting up gem and mining enterprises in other regions of Sri Lanka.

OSL take:
Sri Lanka’s gem and jewellery industry has been earmarked by the Sri Lankan government as a key revenue generator to the country in the coming years. The identification of the growth potential of the industry has resulted in the Sri Lankan government looking at new incentive schemes for local businesses engaged in the industry as well as foreign businesses/investors looking at opportunities in the industry. Local export authorities are also engaged in promotional campaigns in foreign markets to promote Sri Lankan gem and jewellery in a bid to regain the glory of ‘Gems of Ceylon’ that was held during the past. The many trade agreements and concessions enjoyed by the country have also helped boost local gem and jewellery in foreign markets. The growth potential in Sri Lanka’s gem and jewellery industry is further evident by the response received in international confabs as well as the internet shown in local products by foreign travelers including tourists and foreign businessperson. Given the growing business potential and the incentives offered to businesses by local authorities, foreign businesses/investors could confidently explore the growing business/investment opportunities in Sri Lanka’s gem and jewellery industry.

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Article Code : VBS/AT/20240328/Z_3

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