Gem exports can bring US$1Bn to SL this year: SB

Action will be taken to increase exporting gems that could bring in a revenue of US$1 billion by the end of this year, which is currently at US $265 mn, Industries Minister S. B. Dissanayake said.

He said this while attending an Inauguration Ceremony of Exporting Gems and Jewelery to the International Market at the Postal Headquarters, Colombo, yesterday.

The National Gem and Jewelery Authority, which operates under the State Ministry of Gem and Jewelery, is implementing an online system in collaboration with the Department of Posts and Sri Lanka Customs, he said.

This gives the gem industry the opportunity to sell gems and jewelry worth less than US US$3,000 to international buyers online. With the launching of the online portal, more opportunities will be available to open the doors to access the international market. The Minister said this will help the country and will be a solution to increase foreign exchange.

"The current export earnings of gems and jewelry are around US $ 265 million per year. But through the use of this online method, we have the potential to increase our gem and jewelry export earnings to US $1billion, "the Minister said. (Chaturanga Samarawickrama)