SL aims for $1B from gem exports

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Sri Lanka aims to increase its gem exports to USD 1 billion this year with the Government taking steps to increase exports to existing markets and venture into new.

Minister of Industries S.B. Dissanayake recently said that the National Gem and Jewellery Authority was working to launch an online system in collaboration with the Department of Posts and Sri Lanka Customs to sell gems and jewellery worth less than USD 3,000 to international buyers.

According to him, with the launch of the online portal, more opportunities will be available for local gem exporters to get access to the international market. The move is part of the Government’s efforts to increase the country’s foreign exchange.

“The current export earnings of gems and jewellery are around USD 265 million per year. But through the use of this online method, we have the potential to increase our gem and jewellery export earnings to USD 1 billion,” the Minister said.

(MA)