INSUBCONTINENT EXCLUSIVE:
The President and Chief Executive Officer of the National Gem and Jewellery Authority Viraj de Silva stated that they anticipate generating
highlighted that during the initial 7 months of this year, they have already amassed a revenue of US$ 312 million through gem exports
They further project that by the end of this year, the earnings will reach US$ 500 million.He also focused attention to the implementation
This illegal export has posed a significant challenge to achieving the US$ 2 billion target, the PMD said in a statement.Consequently, Viraj
de Silva indicated that necessary measures will be promptly taken to facilitate direct gem purchases by foreign buyers through auctions
within the country.These insights were shared by Viraj De Silva, the Chairman of the National Gem and Jewellery Authority, during his
and Jewellery Authority Act governs a range of regulatory tasks, spanning from authorizing mining permits to overseeing the export of
Our regulatory responsibilities encompass processes such as auctions, sales and international shipments
All of these endeavours are geared towards benefiting the nation
Furthermore, we undertake both local and international promotional initiatives, with a strong emphasis on maximizing foreign exchange inflow
into the country.With six regional offices scattered across the nation, the Gem and Jewellery Authority actively monitors activities through
Notably, gems discovered within mines cannot be sold arbitrarily; rather, they must be presented at public auctions in accordance with the
This practice ensures transparency and adherence to the law.From the proceeds of gemstone sales, the government receives a share amounting
Recent events have showcased a substantial growth in mining activities, resulting in the sale of a gem worth a remarkable Rs
This upsurge in mining efforts has contributed to a notable increase in the revenue generated from gem sales.Stringent conditions are placed
on the operation of gem mines
Any engagement in illegal mining activities can lead to the revocation of licenses
Furthermore, the exportation of gemstones is subject to specific protocols
Following the discovery of a gemstone, it must undergo a process of polishing and subsequent auctioning under the auspices of the Gem and
Jewellery Authority.Currently, an investigation is underway to identify instances where activities are being conducted without the approval
of the Gem and Jewellery Authority
President Ranil Wickremesinghe has also issued directives to delve into this matter, reflecting the seriousness with which these issues are
being addressed.
Between January and July of this year, the export of gems has generated a substantial income of US$ 312 million
However, there exists untapped potential for even greater financial gains.In contrast to other sectors, the Gem and Jewellery Authority has
achieved an impressive export growth rate of 34%
Notably, this growth rate surpasses that of the tea and garment industries, as evidenced by reports from the Central Bank.Gems discovered in
this manner are the collective property of the entire nation
It is imperative that the country receives their rightful value
This could prove invaluable in alleviating the current economic challenges.The export of gems has the potential to yield an average annual
Sri Lanka should aspire to become a prominent hub for gem trade on the global stage
end.Expanding the number of exporters engaged in these activities is a crucial endeavour
Presently, everyday citizens participate in this industry
We have initiated a program aimed at expanding the gem export process, inviting those interested in the field to join us in this endeavour
Our primary objective is to identify buyers and cultivate new markets.Furthermore, proactive measures have been implemented to prevent
irregularities within the Gem and Jewellery Authority
To address the potential for financial improprieties arising from long-term officer tenure, a formal transfer policy has been introduced
Additionally, the integration of accounting software has effectively eliminated any room for financial misconduct.It is also within our
Thus, individuals have the option to visit our office and assess the quality of their gold possessions
