RUZAIK FAROOK
COLOMBO — The Gem and Jewellery industry of Sri Lanka welcomes the implementation of the new regulations for the industry by the government of Sri Lanka through the Gazette issued on 30th December 2021 as a result of the consistent and persuasive lobbying, carried out by the Sri Lanka Gem and Jewellery Association.
In a statement issued by the The Gem and Jewellery Industry, it is ever thankful to all who supported and were responsible for ensuring the issues faced by the exporters were resolved especially, the Prime Minister Mahinda Rajapakse whose personal commitment in this regard was a great strength to the industry, as well as Minister Wimal Weerawansa, State Minster for Gem and Jewellery Related Industries Lohan Ratwatte, Secretary to the Ministry, Piyatissa, Chairman National Gem and Jewellery Authority, Thilak Weerasinghe and all other relevant government officials. These relief measures are a much-needed factor in uplifting the industry post-pandemic and will ensure the industry is swiftly on its way to meet its $1 billion target on exports said Sri Lanka Gem and Jewellery Association Chairman Ajward Deen.
The association is proud to announce the inclusion of a number of their proposals in the Gazette notification of 30th December 2021. With the support of the National Gem and Jewellery Authority, Export Development Board, Finance Ministry, Sri Lanka Customs and other Government Officials, Sri Lanka Gem and Jewellery Association has been successful in reducing the National Gem and Jewellery Authority service fee for Exports which is a vast saving for exporters during these trying times. Additionally, for exports below $3,000, the export procedure has been simplified further to ensure an easier process of exporting Gem and Jewellery. The reduction in the export service fee and change in procedure is a great boost to the industry, as it opens up the market to smaller dealers and SME’s who are now able to export gems without having to go through a physical examination at the Gem authority. Relaxed regulations and incentives provide the industry with greater hope in reaching the $1 billion target on exports set by the state.
Further Ajward Deen said Sri Lanka Gem and Jewellery Association’s committed and continued effort to bring awareness to the numerous issues the industry faces has finally reaped benefits. Post Covid-19 the Gem and Jewellery industry like many industries faced significant challenges, with the retail sector suffering due to the lack of tourism, exports affected by the limitation of foreign buyers and a drastic decrease in gems available in the market due to the sporadic mining and lapidary production. Since the beginning of the pandemic unlike other industries, the Gem and Jewellery industry did not benefit from any form of relief. One of the key challenges was faced by exporters who were required to pay 0.5% on every export.
With this in mind, Sri Lanka Gem and Jewellery Association have been focused on identifying key measures that aim to restore the export industry. Leading the way in their mission to create awareness to the numerous issues the industry faces, their continued effort and representations made with the President, Prime Minister, relevant Ministers, National Gem and Jewellery Authority, Sri Lanka Customs and Export Development Board have resulted in the new gazette issued in December 2021.
