Sri Lanka’s gem industry urges govt. to streamline policy reforms
As Sri Lanka is on the move to attract high-end tourists and improve the quality of tourists with more than two million tourists in 2024, urgent policy reforms while streamlining of regulatory processes must be put into place for industries associated with tourism.
The gem and jewellery industry in Sri Lanka has been repeatedly urging the government in the past on consistent policy reforms and reducing the high taxes and rigid import-export regulations.
FACETS, Sri Lanka’s premier gem and Jewellery exhibition was held for the 31st time at the Cinnamon Grand Hotel in Colombo from January 4-6. President Anura Kumara Dissanayake inaugurated the exhibition while Minister of Foreign Affairs, Vijitha Herath and Minister of Industries and Entrepreneurship Development, Sunil Handunneththi were present.
Sri Lanka Gem and Jewellery Association (SLGJA), President, Akram Cassim during the inauguration stressed on the pressing concerns that hinder growth of the sector and weakens global competitiveness.
Mr. Cassim said, “To fully realise the potential of the gem and jewellery industry, urgent reforms are needed to address the barriers that hinder growth and weaken global competitiveness. Policy changes have, in some cases, driven businesses to relocate overseas. The critical need is for policy reforms to streamline regulatory processes, reduce operational challenges, and improve the overall ease of doing business.”
“High taxation and rigid import-export regulations are among the most pressing concerns. We look forward to collaborating with the new government and relevant authorities to establish a business-friendly environment for the gem and jewellery sector,” he added.
Mr. Cassim also highlighted that the industry has the opportunity to integrate more closely with tourism. “Partnering with Sri Lanka Tourism and SriLankan Airlines, we can add tremendous value by offering unique experiences to every tourist visiting our island. We could create a sapphire experience for tourists—one that celebrates Sri Lanka’s 2,500-year legacy of producing the finest Blue Sapphires seen, worn and admired around the world.”
Minister of Industries and Entrepreneurship Development, Sunil Handunneththi during the inauguration mentioned that more than 250 exporters are contributing to 75 per cent of exports. “Sri Lanka was known as ‘Ratnadeepa’ in the past (meaning – island of gems and stones). We should create more opportunities for traders. Today we have to compete with East-Asian countries such as India and Thailand,” he noted.
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