Sri Lanka has generated an income of USD 315 million from gems and jewellery exports in the months that have elapsed this year, says State Minister for Primary Industries Chamara Sampath Dasanayake.

“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 substantial revenue of USD 315 million.”

Addressing a media briefing at the Presidential Media Centre on Tuesday (Aug. 22), the state minister highlighted that the gems and jewellery sector has demonstrated an impressive export growth rate of 34%, a fact he said corroborated by reports from the Central Bank.

Noting that the Gem & Jewellery Authority is a pivotal contributor to the nation’s foreign exchange reserves, Dasanayake also spoke of the numerous strategic decisions undertaken to boost the authority’s profits.

He said a novel customs clearance system was devised under the aegis of the new government, adding that each exported gem is meticulously assessed to ensure the inflow of foreign exchange.

According to him, the Central Bank’s reports confirm a remarkable 34% growth in export revenue for the Gems and Jewellery Authority.

Dasanayake mentioned that 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.

Speaking further, he went on note that the employees of the authority are not reliant on government salaries. “The Gems and Jewellery Authority, independently, contributes between Rs. 50 and 100 million to the Ministry of Finance, underscoring our commitment to the nation’s economic well-being.”