“Finance Minister proposes to position Sri Lanka as an International Gem Hub”

Reviving the ailing Gem Industry will help increase exports and contribute generously to the country’s dwindling dollar reserves, says Sri Lanka Gem & Jewellery Association.

Incoherent strategies by successive governments have enabled non Gem producing countries such as Thailand & Hong Kong to steal the status of a Gem Hub from Sri Lanka. The proposal by Finance Minister Hon. Basil Rajapaksa in his budget proposal to reinstate Sri Lanka as an International Gem Hub is commendable.

Achieving the proposed Gem Hub status will be an uphill task especially when the government’s policy of “Ease of doing business” is met with unjust bureaucracy at all levels of execution.

In consultation with the private sector, National Gem and Jewellery Authority, Sri Lanka Customs, Central Bank and all other stakeholders, a coherent strategy needs to be put in place if Sri Lanka is to achieve the Gem Hub Status.