Sri Lanka’s President seeks plan to boost gem, jewelry exports by four-fold to $ 2 billion
Daily FT: President Ranil Wickremesinghe has urged officials to swiftly provide comprehensive plans for achieving the country’s objective of bolstering annual export earnings through enhancements in gem and jewelry exports and re-exports.
During a recent discussion held to address issues within the gem and jewelry industry, the President highlighted the importance of promptly addressing challenges in the gem and jewelry sector to boost the country’s revenue from exports.
He stressed that progress toward this year’s target growth in the industry has not met expectations compared to the previous year. As a result, he emphasized the necessity of implementing a well-structured strategy aimed at attaining an annual export revenue of at least $ 2 billion.
According to Central Bank, in 2022, Sri Lanka’s gems, diamonds and jewelry exports amounted to $ 450.6 million up by 63% from the previous year.
The President also revealed that recommendations pertaining to tax policies for the advancement of the gem and jewelry sector were submitted to him by the “Sectoral Monitoring Committee on Environment, Natural Resources and Sustainable Development.”
Deliberations extended to discussions on taxes impacting the industry as well as the export and re-export procedures. Pertinent stakeholders also shared insights with the President regarding the challenges that have arisen within the sector.
President Wickremesinghe assured that the Government is fully prepared to provide necessary support and facilities if a formalized plan to elevate the gem and jewelry industry in Sri Lanka is promptly presented.
OSL take:
Sri Lanka’s gem and jewelry industry is becoming a fast-growing industry with even the President of the country calling on the industry to focus on development and revenue generation. President Ranil Wickremesinghe has recently called on stakeholders of the gem and jewelry to target an increased revenue in the next few years. Sri Lanka’s gem and jewelry industry has been a revenue generator for the country through the years and the high quality of Sri Lankan precious stones have made their way too many Royal households in Europe. With Sri Lankan authorities focusing on further expanding and diversifying the gem and jewelry industry through promotion in key foreign markets, etc., there has been an expansion in business/investment opportunities in the industry. Given the growing business potential in the gem and jewelry industry, foreign businesses/investors could explore the expanding opportunities in the industry.
| Article Code : | VBS/AT/20230824/Z_11 |