Sri Lanka’s President, Anura Dissanayake, has urged the country’s gem and jewellery exporters to aim higher and exceed $1 billion in exports, calling on the sector to unite and make this ambitious goal a reality. The call came after he inaugurated the ‘FACETS Sri Lanka – 2025’ gem and jewellery exhibition, where he expressed his enthusiasm for the exceptional craftsmanship displayed by local entrepreneurs alongside global industry professionals.
According to the National Gem and Jewellery Authority, Sri Lanka earned approximately $477.7 million from gem and jewellery exports in 2023. Despite this, the government is setting its sights on a more ambitious target of $3 billion per annum from the export of precious gemstones and exclusive jewellery pieces in the coming years.
Minister of State for Industry and Entrepreneur Development, Chathuranga Abeysinghe, emphasized the potential of Sri Lanka’s gem and jewellery sector in contributing to the nation’s economic growth, particularly in generating much-needed foreign exchange. Speaking at the opening of the “Jewels 2024” International Gem and Jewelry Exhibition in Colombo, Abeysinghe stated that this target reflects the government’s commitment to revitalizing the industry.
However, the sector faces significant challenges, including the absence of a proper policy framework that has eroded its competitiveness in the global market. Abeysinghe noted that technological gaps, outdated government tax policies, and bureaucratic hurdles have hampered the industry’s growth. In response, the government is focused on eliminating these barriers to create the right policy changes that will allow the industry to thrive and reach its full potential.
“Sri Lanka has the capacity to become a global hub for gems and jewellery,” said Abeysinghe. “We are working to make that vision a reality.” The government’s strategy includes aligning the gem and jewellery sector with the tourism industry, capitalizing on Sri Lanka’s rich history in gem mining and jewellery crafting. With the right policy reforms, Sri Lanka can reassert itself as a dominant player in the global market, Abeysinghe added.
Sustainable Development
The theme of this year’s exhibition, “Sustainable Development of Sri Lanka’s Gem and Jewelry Industry,” highlighted the importance of adopting sustainable practices while fostering growth. As the global demand for high-quality gems continues to rise, Sri Lanka is positioned to capture a larger share of this lucrative market. The success of this vision, however, will depend on the swift implementation of necessary reforms and overcoming current obstacles.
The $3 billion target is within reach, but it requires action to address technological gaps, outdated policies, and bureaucratic challenges. With these reforms in place, the sector’s growth will not only bolster Sri Lanka’s foreign exchange reserves but also solidify its status as a global leader in gem and jewellery exports.
