Sri Lanka has set an ambitious goal of generating USD 3 billion annually from the export of precious gemstones and exclusive jewelry pieces, according to Chathuranga Abeysinghe, Minister of State for Industry and Entrepreneur Development.
Speaking at the opening of the “Jewels 2024” International Gem and Jewelry Exhibition in Colombo, Abeysinghe emphasized the critical role the gem and jewelry sector plays in Sri Lanka’s economic growth, particularly in earning foreign exchange.
“This target reflects the government’s commitment to revitalizing and expanding the country’s gem industry,” Abeysinghe stated.
He noted, however, that the industry has faced a steady decline due to the absence of a clear policy framework. The lack of such a framework has eroded the sector’s competitiveness. Among the key challenges are technological gaps, outdated government tax policies, and bureaucratic hurdles that hinder growth.
“The current administration is focused on removing these barriers, with a goal of generating USD 3 billion in export revenue from the industry in the near future,” Abeysinghe explained.
Without a comprehensive policy, Sri Lanka is losing out on the full potential of its gem and jewelry sector, he said. He added that the government is committed to making necessary policy reforms to position Sri Lanka as a global hub for gems and jewelry.
“Our strategy includes integrating the gem and jewelry sector with the tourism industry to boost development. With Sri Lanka’s rich history in gem mining and jewelry crafting, we have a unique opportunity to become a key player in the global market,” he noted.
Abeysinghe stressed that quick action is necessary to address the existing challenges, including technological gaps and outdated tax policies, to help the sector thrive and maximize its export potential.
“The goal of USD 3 billion in export revenue is achievable, but only with prompt action to resolve the obstacles the industry faces,” he said. “The government is focused on policy reforms that will help the sector flourish and contribute significantly to Sri Lanka’s foreign exchange reserves.”
As global demand for high-quality gems continues to rise, Sri Lanka has a strong opportunity to capture a larger share of the lucrative market. The minister emphasized that implementing the necessary reforms and fostering innovation and sustainability in the industry would be key to reaching this target.
The theme for this year’s exhibition, “Sustainable Development of Sri Lanka’s Gem and Jewelry Industry,” highlighted the importance of adopting sustainable practices to ensure the sector’s growth while preserving its resources.
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