Cabinet nod for Int’l Gem & Jewellery Trade Centre in Ratnapura

The Cabinet of Ministers this week gave the nod to kick off the construction of the proposed International Gem and Jewellery Trade Centre in Ratnapura.

Under the first phase of the project, it has been planned to construct a 1,500 square feet five-storey building, at a cost of Rs.365 million, on a 22-perch land in Demuwawattha, Ratnapura.

Accordingly, the Cabinet of Ministers on Monday endorsed the proposal presented by Industries Minister Wimal Weerawansa to award the contract of designing and constructing the proposed building to the Central Engineering Consultancy Bureau.

Under the second phase of the project, the authorities have plans to acquire the adjacent plot of land to the aforementioned plot of land and build a modern building with 14 stories.

The Government Information Department outlined that the project would create an enable environment for sellers and buyers to avail all the services and facilities such as independent quality testing services, laboratory services and banks and export services under one roof, as seen in leading markets in Asia such as Bangkok and Hong Kong, which are considered to be leading hubs for gem and jewellery trade in Asia.

The National Gem and Jewellery Authority (NGJA) is investing in the project, with its funds collected from the industry.

Historically, Ratnapura has been identified as ‘The Gem City of Sri Lanka’ and it still remains renowned for both gem mining and trading activities, despite a reduction in the trading power of the Ratnapura market over the years.

The government aims to develop Ratnapura as a leading international gem industry city while enhancing the country’s gem and jewellery industry at large. (NF)