Business
Govt.’s lethargy towards gem and jewelry sector seen as costing SL $ 1 billion in for-ex annually
By Hiran H.Senewiratne
The government’s lethargy towards the gem and jewelry sector prevented more than US$ 1 billion in foreign exchange from coming into the country per year, a well-known gemologist said.
“Currently Sri Lanka’s gem and jewelry export income is less than US$ 300 per year, which could be developed to a US $ one billion industry if the government adopted proper promotional methods. However, certain countries, such as Hong Kong, where gems are not even available, earn more than US $ 35 billion per year, while in Thailand it is US$ 15 billion dollars, gemologist (FGG – (Germany) FEEG-Europe) Umesh Wariyapperuma said.
Wariyapperuma said that to double this target they proposed to the National Gem and Jewelry Authority (SLGJA) to launch a special online marketing system to sell gems and jewelry worth less than US$ 3,000 to international buyers.
Wariyapperuma added: “To ensure the smooth flow of this scheme we wanted this scheme to be launched in collaboration with the Department of Posts and Sri Lanka Customs.
“With the launch of the online portal, more opportunities will be available for local gem exporters to get access to the international market and it will help to double Sri Lanka’s foreign exchange earnings from the gem industry in the first year of its operation.
“Currently Sri Lanka exports rough stones to Thailand and other countries who in turn add value to them and re-export them to world famous jewelers and watch manufacturers. This deprived us of a valuable opportunity to sell our precious stones at a high value.
“We partnered with SLGJA for the Dubai Expo last year and launched the ‘Sapphire Sri Lanka’ campaign which was a major success. Similarly, the government with the assistance of the Sri Lankan embassies based overseas should conduct similar promotional events as the industry needs direct government assistance for sapphire marketing and promotion campaigns.
“Sri Lanka Tourism too should play an active role in this venture and also promote ‘Sri Lanka Gems’ during their global destination marketing campaigns.
“If the government could launch some of these proposals Sri Lanka can easily reach the gem and jewelry export income target of USD1 billion in less than 18 months.
“Sri Lankan gem traders too should be more responsible and reasonable when marketing gems at exorbitant prices. They should only sell genuine products without cheating the customer to earn a ‘quick buck’.
“Some buyers pay high prices and purchase gems from some Kandy traders and when they come to us they see the huge undue price difference. Hence, traders too should be honest and maintain ethics in marketing as due to the sale of fake gems and high prices our international reputation is tarnished.
“Gem buyers are advised to offer the maximum price for gems found by gem miners as they go through tremendous hardships to extract them.
“My ambition is also to start a gem academy so that young people can get a practical education on proper international standards and also marketing processes in the gem and the mining industry.
“Through my ‘Janamehewara Foundation’ I am personally involved in a CSR program, providing books and school equipment to children of gem industry miners.
“It is said Sri Lanka even supplied gems to Queen Elizabeth’s crown and Princess Diana’s wedding ring and world famous museums also display Sri Lankan gems. However, sadly, we can’t even muster US$ 300 million export revenue from this trade.”
Wariyapperuma who is also the Managing Director / CEO at Ceylon Gem Traders (Pvt) Ltd, set up since 1977, said that several global watch manufacturers use gemstones for their products.
He said Sri Lanka should tap this market as well and try to export directly to watch-making companies in Switzerland, Germany, Japan, Britain, and France with local value addition.
The Central Bank of Sri Lanka today (07) presented its flagship publication, the Annual Economic Review for 2024 (AER 2024), to President and Minister of Finance, Anura Kumara Disanayake, highlighting the steady progress of Sri Lanka’s economic recovery following the country’s most severe downturn in recent history.
The report was officially handed over by Dr. P. Nandalal Weerasinghe, Governor of the Central Bank, during a special ceremony held at the Presidential Secretariat.
AER 2024 comprises four main chapters: Macroeconomic Developments, Conditions of the Financial System, Review of Central Bank’s Policies and Macroeconomic Outlook.
According to the Review, the Sri Lankan economy showed significant signs of recovery in 2024, following the deep economic crisis experienced two years ago. The recovery trajectory, though challenging, has been notably faster than that of many other debt-distressed countries.
Improvements in economic activity, a partial resurgence in purchasing power and reduced uncertainty are among the key positive indicators noted in the report.
The event was attended by Dr. Nandika Sanath Kumanayake, Secretary to the President, K. M. Mahinda Siriwardena, Secretary to the Treasury, Mrs. K. M. A. N. Daulagala, Senior Deputy Governor, Dr. C. Amarasekara, Assistant Governor, Dr. (Mrs.) S. Jegajeevan, Director of Economic Research and Dr. L. R. C. Pathberiya and Additional Director of Economic Research at the Central Bank Dr. V. D. Wickramarachchi.
[PMD]
Business
IceWarp expands into Sri Lanka, fostering European innovation in collaboration with FentonsIT
IceWarp, a global leader in business communication solutions, has officially launched its cutting-edge platform in Sri Lanka, bringing European expertise in email and collaboration solutions to support the country’s evolving business landscape.
This expansion is driven by a strategic partnership with Fentons Information Technology (FIT), the Information Technology arm of Hayleys Fentons Limited.
The grand launch event held at The Kingsbury Colombo on 4th April, 2025, was graced by several distinguished guests, including Chief Guest Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC.
The presence of Adam Paclt, Global CEO of IceWarp, and Pramod Sharda, CEO for India and the Middle East of IceWarp, along with their global team, highlighted the significance of this expansion. Industry experts, government officials, corporate leaders, and CIOs from the banking, financial services and insurance sectors were in attendance as well, reflecting strong local interest in IceWarp’s European expertise.
With this launch, Sri Lankan businesses now have access to an affordable, scalable and secure alternative to Microsoft 365 and Google Workspace. IceWarp’s advanced Collaboration Suite integrates a wide range of tools into a single, unified platform designed to streamline communication and boost productivity. Offering flexible hybrid deployment options and cost-efficient solution, IceWarp enables organisations to optimise their operations without compromising security or functionality.
Ceylon Energy and HJT China have successfully completed the Mahiyangana-Kappalthurei 33kV power distribution lines and the Uhana Gantry as part of Sri Lanka’s Supporting Electricity Supply Reliability Improvement Project (SESRIP). Funded by the Asian Development Bank ($42 million), SESRIP aims to expand energy access in underserved regions, including conflict-affected areas and provinces like Uva and North Central.
The project’s infrastructure spans over 270 km of 33kV lines, 13 switching gantries, and 2,372 km of low-voltage extensions.
The projects connect 35,000+ households and improve reliability for 493,000+ consumers; integrates renewables to reduce losses.
The projects’ notable components include: Mahiyangana-Bibila Line: 36 km with 147 steel towers and Kappalthurei-Sixth Mile Post Line: 14 km with 58 towers.
Ceylon Energy Chairman Madushanka Fernando hailed it as a ‘new beginning of a brighter era’, emphasising the project’s role in uplifting rural communities and driving sustainable development.
The initiative underscores Sri Lanka’s commitment to inclusive, reliable energy and climate resilience.
Advisory for severe lightning issued for Sabaragamuwa, Central and Uva provinces and in Hambanthota district
Rains add to misery in quake-hit Myanmar as death toll rises to 3,471
Zimbabwe to scrap tariffs on US goods as it faces 18% Trump levy
-
Business15 hours agoColombo Coffee wins coveted management awards
-
Features2 days agoStarlink in the Global South
-
Business3 days agoDaraz Sri Lanka ushers in the New Year with 4.4 Avurudu Wasi Pro Max – Sri Lanka’s biggest online Avurudu sale
-
Business4 days agoStrengthening SDG integration into provincial planning and development process
-
Business3 days agoNew SL Sovereign Bonds win foreign investor confidence
-
Sports5 days agoTo play or not to play is Richmond’s decision
-
Features2 days agoModi’s Sri Lanka Sojourn
-
Sports4 days agoNew Zealand under 85kg rugby team set for historic tour of Sri Lanka