Connect with us

Business

Blue Sapphire bought for Rs. 430 million is a nature’s masterpiece: Subash Gems

Published

on

Subash Karunarathne
  • “Experience in risk-taking played a big role in the valuation of this stone’

  • It meets the 3Cs – Clarity, Colour and Carat

  • ‘It’s a perfect natural asset for the super-rich and celebrities to invest in’

by Sanath Nanayakkare

Subash Karunarathne, chairman at Subash Gems in Pelmadulla told The Island yesterday that he purchased the 99-carat Blue Sapphire for Rs. 430 million because it was a nature’s masterpiece, and it could take decades for another one of such unique characteristics to be found.

Subash bought this precious rare stone found in a gem-mine at kahawatte, at an auction held last week where officials of the National Gem and Jewellery Authority (NGJA) certified it as a 99-carat natural Blue Sapphire.

When The Island visited him at his residence in Pelmadulla, a lot of gem miners had gathered there to see how much Subash would be willing to pay for their gem stones, nevertheless, he gave us his time saying that he wanted to share his views with the mainstream media which wouldn’t sensationalise the deal and look at it objectively and realistically.

During the interview Subash said:

“Experience in risk-taking played a big role in the valuation of this stone. Also, the great confidence I have about the international growth markets including the United States, the European Union, India and the Middle East for rare precious stones encouraged me to bid a high price for it. You can’t avoid risks nor guarantee a successful return all the time, but knowing your trade is crucial to making it work.

Whichever gem stone you choose to invest in, you need to know that you are never 100% safe from losing money because risks and returns go hand in hand in the gem industry. However, it is commonly known that the more risks you are willing to take the higher the returns. Taking risks is a choice. Without taking risks, you’ll never know what you’re capable of achieving. I am confident that I can make a significant gain from this investment.”

“Global investors would look at the price tag on this stone in the context of supply and demand because natural resources such as this stone are hard to come by anywhere in the world. Furthermore, the discovery of this stone is a very positive thing for Sri Lanka gem industry and it will boost Ceylon Sapphires’ international fame.”

When asked whether he was sure he offered the right price for the stone, Subash said,” I see value in it that goes beyond the price because price is not always the value. This blue sapphire is sparkly and brilliant and rare. There is no doubt it has an aura making it unique and special. And it is a perfect natural asset for the super-rich and celebrities to invest in. They can use it to show off their wealth or as a tangible investment. Besides, on the financial side of things, rare gems provide a hedge against inflation and are crisis-resistant. It will never depreciate in value. This blue sapphire meets 3 vital Cs- Clarity, Colour and Carat. The fourth C is the Cut, and it is a delicate job for a clever craftsman of international standards to maximize its value.”

In response to a query posed by The Island, a spokesman at Subash Gems said that the deal at the auction was subject to the tax laws of the country. “The selling party got their amount after the deduction of withholding tax, and we made them the payment with the cash flow after taxes,” he said.



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Historic launch of CCWE Fashion Week & International Summit 2026

Published

on

Ayanthi Gurusinghe, President, Ceylon Chamber of Women Entrepreneurs (CCWE), joined by Damith Pallewatte, MD/CEO, HNB, and Sanjay Wijemanne, Senior Executive Vice President/COO, HNB, at the press conference announcing CCWE Fashion Week, powered by HNB, held at HNB Towers.

The Ceylon Chamber of Women Entrepreneurs (CCWE) officially announced the CCWE Fashion Week & International Summit 2026 at a press conference held in Colombo, unveiling a historic national initiative that will mark the first-ever fashion week in Sri Lanka and the South Asian region dedicated exclusively to women entrepreneurs.

Held under the theme “Threads of Inclusion Woven from Every Walk of Life,” the event is scheduled to take place from 16th to 20th July 2026 at Cinnamon Life, Colombo, positioning Sri Lanka at the forefront of inclusive and sustainable fashion while creating a powerful platform for economic and social transformation.

This landmark initiative goes beyond fashion to deliver meaningful value to society by empowering women entrepreneurs across diverse communities, industries, and regions. By bringing together designers, artisans, SMEs, policymakers, investors, and international stakeholders, the event aims to create new market opportunities, strengthen financial inclusion, and promote sustainable livelihoods. It will serve as a catalyst for economic growth by supporting women-led businesses, enhancing export potential, encouraging youth participation in creative industries, and fostering regional collaboration across South Asia.

Supported by a strong network of corporate partners, the initiative is led by HNB as the Title Sponsor, reflecting a collective commitment to empowering women economically and driving more inclusive national progress.

Speaking at the press conference, Dr. Ayanthi Gurusinghe, President of CCWE and Chairman of the Fashion Week, stated, “Today we are announcing more than an event—we are introducing a national movement that will transform the way we view women entrepreneurs in Sri Lanka. This platform is designed to open doors for women from every walk of life, enabling them to convert talent into enterprise, gain access to markets, and contribute meaningfully to the economy. Through this initiative, Sri Lanka has the opportunity to lead the region in building a future where inclusion meets opportunity and equality.”

HNB, MD/ CEO, Damith Pallewatte, added, “For over 135 years, HNB has stood as a partner in progress to all Sri Lankans, and supporting women entrepreneurs is central to how we continue that legacy. This initiative creates a platform where women can access markets, build sustainable businesses, and contribute meaningfully to national economic development.

When women are empowered with the right access and support, the impact extends to families, communities, and the broader economy. Our decision to serve as Title Sponsor is driven by our commitment to enabling that access and supporting pathways for long-term growth through financial inclusion and enterprise development.”

Extending regional support, Mrs. Premila Acharya, President of the South Asian Women Development Forum (SAWDF), shared her support online, “The CCWE Fashion Week & International Summit 2026 is a landmark initiative that reflects the strength and potential of women entrepreneurs across our region. It is inspiring to see Sri Lanka take the lead in creating a platform where inclusion, opportunity, and equality come together. SAWDF is proud to stand in partnership with CCWE in empowering women through collaboration and shared progress.”

Highlighting achievements The United Nations Economic and Social Commission for Asia and the Pacific Subregional Office for South and South-West (ESCAP-SSWA) as Knowledge Partner Ms. Mikiko Tanaka, Head and Director noted “ESCAP is pleased to serve as a knowledge partner for the CCWE Fashion Week & International Summit 2026. This initiative reflects our shared commitment to enhance women entrepreneurs’ access to markets, finance and digital networks. Connecting women-led businesses to regional networks can further unlock opportunities outside Sri Lanka. We commend CCWE’s leadership in creating an enabling environment for women from diverse backgrounds to innovate, participate and contribute to inclusive and sustainable economic development.”

Continue Reading

Business

Sri Lanka’s capital market gains international recognition for GSS+ Bond issuances

Published

on

The Colombo Stock Exchange (CSE) announces that Sri Lanka’s capital market has received international recognition for the quality and innovation of its Green, Social, Sustainability and Sustainability-Linked (GSS+) bond issuances at the 2026 Sustainable Debt Awards hosted by Environmental Finance. This milestone reflects the continued strengthening of Sri Lanka’s sustainable finance landscape and its growing alignment with international capital markets.

This achievement builds on a sustained collaboration with the EU-funded Green Recovery Facility, implemented by Expertise France, which has supported the development and international positioning of Sri Lanka’s GSS+ bond market. Advisory and coordination support has been provided in close collaboration with the CSE, alongside technical inputs from the contracted consultancy team Baastel led by Jason Taylor.

Since supporting the operationalisation of Sri Lanka’s Green Bond Framework in 2023, this engagement has evolved into a broader effort to develop the country’s GSS+ bond market. Through strengthened policy alignment, market development, and stakeholder engagement, this partnership has contributed to corporate GSS+ bond issuances aligned with international standards.

Collectively, recent GSS+ bond issuances in Sri Lanka have mobilised approximately LKR 82 billion (around EUR 216 million) across green, blue, social, sustainability, and sustainability-linked instruments, financing priority sectors such as renewable energy, energy efficiency, water and coastal resilience, and inclusive social infrastructure. These issuances have been oversubscribed, reflecting growing investor confidence in Sri Lanka’s sustainable finance framework.

This progress has been supported by the introduction of Sri Lanka’s GSS+ Bonds Regulatory Framework in 2025, aligned with international principles, further strengthening market credibility and investor confidence.

The awards recognise the following Sri Lankan institutions:

DFCC Bank – Award for Innovation: Use of Proceeds (Green Bond, APAC)

Bank of Ceylon – Award for Innovation: Sustainability Bond Structure (APAC)

Commercial Bank of Ceylon – Green Bond of the Year (Financial Institution, APAC)

Thimal Perera, Director/Chief Executive Officer, DFCC Bank PLC said, “This recognition reflects the progress Sri Lanka’s capital markets are making in aligning with international sustainable finance standards and strengthening credibility with global investors. We are honoured to receive recognition in the area of innovation in use of proceeds, which highlights the growing ability of Sri Lankan institutions to structure financing solutions with transparency, measurable impact, and long-term relevance. We remain grateful to the regulators, market participants, technical partners, and investors whose continued support is helping advance Sri Lanka’s sustainable finance ecosystem.”

“We are honoured to receive the Environmental Finance’s Sustainable Debt Award for Innovation – Sustainability Bond Structure (APAC) for the Bank of Ceylon’s inaugural LKR 20 billion Basel III compliant Tier 2 Sustainability Bond – the largest sustainability bond issuance in Sri Lanka and the first of its kind. This alignment addressed both BOC’s capital adequacy requirements and commitment to aligning sustainable finance with national development priorities while advancing resilient and inclusive economic growth in Sri Lanka. As the first Sri Lankan bank to secure this prestigious global award, we wish to thank the Colombo Stock Exchange for their proactive coordination and encouragement. We also extend our sincere appreciation to all stakeholders who partnered with us in this trailblazing endeavor.” said Mr. G. A. Jayashantha, Acting Senior Deputy General Manager/ Head of Global Markets, Bank of Ceylon.

Remarking upon the award Sanath Manatunge, Managing Director / Chief Executive Officer of Commercial Bank of Ceylon said “Winning the ‘Green Bond of the Year’ award is a significant milestone for Commercial Bank and a strong endorsement of our commitment to sustainable finance and responsible banking. As the largest private bank in Sri Lanka, we recognise our responsibility to support investments that drive long-term environmental and economic resilience, particularly in the renewable energy sector. This recognition reflects the Bank’s strategic focus on advancing sustainable financing solutions that contribute meaningfully to the country’s climate goals and broader sustainable development agenda.”

These recognitions are particularly significant in the context of Sri Lanka’s ongoing economic recovery and debt restructuring process. As the country works to restore macroeconomic stability and rebuild investor confidence, the ability of Sri Lankan financial institutions to successfully issue GSS+ bonds aligned with rigorous international standards sends a strong signal to global capital markets.

Continue Reading

Business

Uber introduces Hybrid Subscriptions for Moto and Tuk Drivers

Published

on

Uber, Sri Lanka’s most loved ridesharing platform, today announced the launch of Hybrid Subscriptions for Moto and Tuk drivers in the country. This includes a new ‘earn first, pay later’ model that gives drivers greater flexibility by allowing them to start earning on the platform without upfront payments. Drivers will continue to benefit from 0% commission on trips, allowing them to keep all of their earnings while paying a subscription fee separately.

With hybrid subscriptions, drivers can choose a model that works best for their driving patterns, making it easier for both full-time and part-time drivers to access trips and earn on Uber. The launch is aimed at improving the overall experience for drivers while continuing to offer reliable mobility for riders.

Flexibility and earning potential remain key priorities for drivers across Sri Lanka’s two- and three-wheeler ecosystem. The new model addresses this by giving drivers more control over how they engage with the platform and how they structure their earnings. By offering both time-based and earning-based subscription options, Uber provides drivers greater flexibility. While time-based subscriptions are ideal for full-time drivers, earning-based subscriptions work well for part-time drivers.

Commenting on the launch, Kaushalya Gunaratne, Country Manager – Mobility, Uber Sri Lanka, said, “”Drivers are at the heart of everything we do. We were among the first to introduce subscription models for Moto and Tuk drivers in Sri Lanka, and with hybrid subscriptions, we’re taking it further – giving drivers the benefits of zero commissions and the flexibility to choose what works best for them.”

Continue Reading

Trending