Exports of Gems and Jewellery – $315 million US
Aug 23, Colombo
The State Minister for Primary Industries Chamara Sampath Dasanayake announced that the exports of gems and jewellery have generated an income of USD 315 million from January of this year until now.
He further highlighted that the gems and jewellery sector has demonstrated an impressive export growth rate of 34%, a fact corroborated by reports from the Central Bank.
Minister Dasanayake made these comments speaking at the news briefing held at the Presidential Media Center on Tuesday (22), themed ‘Collective Path to a stable country’.
The State Minister
The National Gem and Jewellery Authority (NGJA) stands as a pivotal contributor to our nation’s foreign exchange reserves. We have undertaken numerous strategic decisions concerning the operations of this authority. In the previous year, we achieved a significant income of USD 230 million through gem exports. Notably, in the year (2023), our gem and jewellery exports have yielded a substantial revenue of USD 315 million.
Historically, concerns arose regarding the remittance of foreign exchange earned through gem exports. To address these issues, a novel customs clearance system was devised under the aegis of the new government. Presently, each exported gem is meticulously assessed to ensure the inflow of foreign exchange. In the past, our gems were auctioned abroad, but our country did not receive the appropriate remuneration.
The Central Bank’s reports confirm a remarkable 34% growth in export revenue for the Gems and Jewellery Authority. Steps have also been taken to resolve exporters’ challenges, with open lines of communication for exporters accessible at all times.
Last year, the authority’s revenue from licensing and assessment fees amounted to a modest Rs. 144 million. However, this year alone, the authority has recorded a substantial profit of Rs. 288 million. Consequently, we have devised strategies to enhance the authority’s profits by a remarkable 200% by year-end.