What Steps is the Sri Lanka’s Government taking to promote Diamonds, Gems & Jewelry Diamonds Export?

Sri Lanka is a renowned producer of high-quality diamonds, gems, and jewelry, and the government has been taking steps to promote and boost their export. Here are some initiatives that the Sri Lankan government has taken to promote the diamonds, gems, and jewelry industry:

1. Establishment of Gem and Jewelry Authority: The government has set up a Gem and Jewelry Authority (NGJA) to regulate and promote the industry. The NGJA provides assistance in quality control, marketing, and promotion, and takes measures to protect the intellectual property of the industry.
2. Participation in international trade fairs: The government has been participating in international trade fairs to showcase the country’s gems and jewelry. Trade delegations have been sent to countries like China, India, and the United States to promote the industry and increase exports.
3. Development of gem and jewelry parks: The government has initiated the development of gem and jewelry parks that provide state-of-the-art infrastructure, modern equipment, and technology for the industry. The parks also offer training and development opportunities to industry workers.
4. Financial assistance: The government has provided financial assistance in the form of low-interest loans, tax incentives, and subsidies to small and medium-sized businesses in the industry. The government has also encouraged foreign investors to invest in the industry, providing them with various incentives.
5. Quality control measures: The government has established a Gem and Jewelry Research and Training Institute (GJRTI) to conduct research on gemstones and develop new techniques for enhancing their quality. The institute also offers training to industry workers on various aspects of gemstone identification, grading, and treatment.

In conclusion, the Sri Lankan government has been taking several steps to promote and boost the export of diamonds, gems, and jewelry, contributing significantly to the country’s economy. With the government’s continued support and investment, the industry is expected to flourish further.

Take note:

• Sri Lanka’s Gem and Jewelry industry is a significant contributor to the country’s economy, accounting for around 2% of the country’s GDP.
• The industry generates significant foreign exchange earnings, with exports accounting for around 10% of the country’s total exports.