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President Ranil Wickremesinghe announced plans to boost Sri Lanka's gem industry by easing regulations for gem mining permits and transferring gem land owned by plantation companies to the gem sector under a structured plan.
He made these remarks today (03), during a meeting held with those engaged in gem trade at the Silver Ray Hotel, Ratnapura.
During the meeting, a proposal was presented outlining the challenges faced by the gem industry and potential solutions.
The President emphasized that the government's objective is to enhance foreign exchange earnings through a robust export economy, projecting that strengthening the gem industry could contribute between USD 1-2 billion to the national economy.
The president also discussed plans to leverage modern technology to advance the gem industry and expressed his intention to establish an investment zone in Ratnapura aimed at furthering its development.
Addressing the gathering, President Ranil Wickremesinghe further elaborated;
Due to the election season, many candidates have been eager to meet your demands. However, what I truly anticipate is the development of our country. To achieve this, we need to boost our foreign exchange earnings through a robust export economy.
The gem industry, which has been a part of our country for over two thousand years, holds significant potential. By strengthening this sector, we could potentially earn between USD 1-2 billion. Countries like India, Bangladesh, and Dubai have made significant strides in their gem industries, yet ours remains underdeveloped. It's time for us to advance and establish our nation as a major gem centre. We have both the resources and the capability to achieve this.
Therefore, the government is prepared to implement the necessary programs to support this goal. We need to increase our gem production and develop a strategic plan to supply gems from lands owned by plantation companies to industrialists.
We need to investigate whether gem deposits are present not just in this district but across other regions as well. Modern technology and comprehensive surveys can aid us in this effort. Our goal is to significantly boost foreign exchange earnings through the gem industry, and we also aim to enhance the value of our gems in a competitive market.
Our garment industry has seen remarkable growth, and we plan to establish an investment zone to further develop the gem sector. This requires us to reconsider our current approach.
To support the growth of the gem industry, existing regulations should be relaxed. We are actively working on easing the laws related to licensing for gem industries.
Additionally, gem lands will not be allocated to foreigners; instead, they will be reserved for those directly involved in the industry. We must also prioritize the welfare of miners, ensuring their well-being as we develop this sector.
We will address your requests in due course and then work together to advance the field with a unified approach. I extend my gratitude to everyone who has joined us today.
State Minister Janaka Wakkambura, Governor of Sabaragamuwa Province Navin Dissanayake, former Minister Manusha Nanayakkara, MP Mudita de Soysa, Chairman of the Lanka Gem Dealers and Miners Association U.G. Chandrasena, along with numerous other business professionals from the gem industry were present at the event.
