President looks into issues facing gem and jewellery sector, promises concessions

President Ranil Wickremesinghe has unveiled plans to provide concessions to those who engaged in the gems and jewellery sector.

This initiative comes in response to the challenges faced by the industry, with the President emphasizing the importance of addressing these issues to support those involved in the field, the President’s Media Division (PMD) said.

By offering solutions to the problems within the industry, relief will be extended to its stakeholders, ensuring their continued growth and prosperity.

The President, clarifying that immediate changes to the tax policy are not feasible, noted that efforts, however, would be made to devise an effective system to enhance the gem and jewellery industry.

Wickremesinghe directed officials to develop a viable system aimed at bolstering the gem and jewellery industry. He instructed them to collaborate with both the public and private sectors to draft a proposal addressing these issues within two weeks.

The Head of State made this statement during a discussion held on Friday afternoon (March 15) at the Presidential Secretariat’s with stakeholders from the gems and jewellery industry.

Extensive discussions were held regarding the challenges arising from the government’s new tax policies, which have had repercussions on the gem and jewellery industry, along with other pertinent issues concerning the sector.

Wickremesinghe further emphasized the need to focus on boosting exports within the gem industry in Sri Lanka, along with enhancing value-added processes.

Additionally, the President highlighted plans to initiate mining operations in the Sabaragamuwa province and Nuwara-Eliya District in the future. Consequently, Sri Lankan gem businessmen will have ample opportunities to venture into mining activities in these regions.

The President also announced that a survey will be conducted to explore the feasibility of establishing gem and mining enterprises in other regions of Sri Lanka.

Minister of Wildlife and Forest Resources Conservation and Minister of Irrigation Pavithradevi Wanniarachchi, speaking at the event, expressed gratitude towards President Ranil Wickremesinghe for his leadership during challenging times. She emphasized that without the President’s guidance, discussing such important matters would not have been possible. The Minister also commended the transformative efforts made by the President, particularly for taking charge of the country during a period of significant peril to the lives of its citizens.

Present in the discussion were Secretary to the President Saman Ekanayake, Senior Adviser to the President on Economic Affairs Dr. R.H. S. Samaratunga, along with heads of line agencies and other officials.

--PMD