Sri Lankan President Ranil Wickremesinghe has announced a significant initiative to revitalize the country’s gem and jewellery industry. The plan includes opening new mining regions and providing concessions to industry stakeholders.
During a recent meeting with industry representatives, President Wickremesinghe revealed plans to initiate mining operations in Sabaragamuwa province and Nuwara Eliya district. This move will create ample opportunities for Sri Lankan gem businessmen to venture into these new areas.
Recognizing the potential for further growth, the President also announced a survey to explore the feasibility of establishing gem and mining enterprises in other parts of Sri Lanka. This comprehensive approach indicates a commitment to maximizing the potential of the country’s gemstone resources.
The discussions also addressed current challenges faced by the industry, particularly those arising from recent government tax policies. President Wickremesinghe acknowledged the difficulties and emphasized the need to focus on boosting exports and value-added processes within the sector.
As a sign of support, the President unveiled plans to provide concessions to those engaged in the gem and jewellery industry. This initiative aims to alleviate the pressures created by the new tax policies and ensure the continued growth and prosperity of those involved in the field.
While immediate changes to the tax policy are not possible, President Wickremesinghe directed officials to develop a more effective system to support the industry. He called for collaboration between public and private sectors to draft a proposal within two weeks, outlining solutions to address current issues.
This multi-pronged approach – opening new mining regions, exploring further opportunities, and providing concessions – demonstrates a strong commitment to the Sri Lankan gem and jewellery industry. By fostering growth and addressing existing challenges, the government aims to ensure the sector’s continued success and its contribution to the nation’s economy.