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Govt.’s lethargy towards gem and jewelry sector seen as costing SL $ 1 billion in for-ex annually

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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.



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SriLankan Airlines Resumes Flights to Riyadh and Dubai

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09 March 2026; Colombo – SriLankan Airlines would like to inform passengers that it is resuming daily services to Riyadh tonight and Dubai tomorrow, while continuing to closely monitor the situation in the Middle East and prioritising the safety and wellbeing of its passengers and crew.

The following flights are scheduled to operate:

For more information please contact: 1979 (within Sri Lanka); +94 11 777 1979 (international); WhatsApp +94 74 444 1979 (chat only); your travel agent; visit www.srilankan.com; or follow us on social media.

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Oil prices jump above $100 for first time in four years

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Oil facilities in Tehran were hit by airstrikes at the weekend

Global oil prices have jumped above $100 (£75.11) a barrel for the first time since 2022 as the escalating US-Israeli war with Iran has fuelled fears of prolonged disruption to shipments through the Strait of Hormuz.

Iran on Sunday named Mojtaba Khamenei to succeed his father Ali Khamenei as Supreme Leader, signalling that a week into the conflict hardliners remain in charge of the country.

The US and Israel launched fresh waves of airstrikes across Iran over the weekend, hitting multiple targets including oil depots.

Major disruption to energy supplies from the region threatens to push up prices for consumers and businesses around the world.

Early on Monday in Asia, Brent crude was around 15.5% higher at $107.16, while Nymex light sweet was up by more than 17% at $106.77.

Stock markets in the Asia-Pacific region fell sharply in early trading on Monday, with Japan’s Nikkei 225 index down by more than 5% and the ASX 200 in Australia more than 3.5% lower.

Many in the markets predicted that oil would hit the $100 a barrel mark this week.

In the event it took about a minute to jump 10%, and then another 15 minutes to rise a further 10% in early Asian trading.

Last week the markets had been relatively relaxed about the seeming nightmare scenario for millions of barrels of crude and liquefied natural gas trapped in the Gulf, unable or unwilling to transit the Strait of Hormuz.

But the escalations over the weekend, alongside scenes of destruction of energy infrastructure both in Iran and across the Gulf, saw the markets take rapid fright.

The question now is where does this go? Some analysts argue that if the shutdown in the strait lasts until the end of March, we could see record oil prices above $150 a barrel.

The existing rise is likely to further increase petrol prices, and those of important derivative products such as jet fuel and vital precursors for fertilisers.

The physical supplies from the Gulf are mainly consumed in Asia.

Already however there are signs that Asian consumers are bidding up prices for US gas, with some tankers originally heading for Europe turning around in the mid-Atlantic.

US President Donald Trump responded to the jump in prices by saying that short term rises were a “small price to pay” for removing Iran’s nuclear threat.

His energy secretary told US broadcasters on Sunday that Israel, not the US, was targeting Iran’s energy infrastructure, amid some concern about rising domestic pump prices caused by the war.

(BBC)

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CMTA warns buyers of long-term costs hidden in reconditioned vehicle imports

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The Ceylon Motor Traders’ Association (CMTA) has issued a stark cautionary note to prospective vehicle buyers, warning that the initial price advantage of reconditioned imports often masks significant long-term financial risks.

By highlighting a “structural imbalance” in the current duty valuation system – which allows near-identical vehicles to be imported under a 15% automatic depreciation bracket – the CMTA argues that the lack of manufacturer-backed warranties and tropicalised specifications in the grey market could lead to a “reconditioned trap” for unsuspecting consumers. For the savvy buyer, the association suggests that the true cost of ownership is increasingly tilting the scales in favour of brand-new vehicles from authorised agents.

If two identical 2026 models are sitting on different lots, and one is significantly cheaper because it was technically “registered and de-registered” abroad, the frugal buyer’s instinct is to take the discount. But the CMTA argues that this 15% depreciation benefit – intended for genuine used cars – is being leveraged as a loophole for zero-mileage vehicles.

For the savvy buyer, this raises a fundamental question of transparency. If the entry price of a vehicle is built on a “procedural” technicality rather than actual wear and tear, where else is the transparency lacking? Does the lower price reflect a genuine saving passed to the consumer, or does it mask a lack of manufacturer-backed after-sales support?

When a buyer chooses an authorised agent, they are essentially purchasing an insurance policy against the unknown. With a five-year manufacturer warranty, the financial burden of a faulty transmission or a software glitch stays with the global giant that built the car, not the local owner. In an era where vehicles are increasingly “computers on wheels,” the technical specialised tools and genuine parts held by authorised agents are no longer a luxury – they are a necessity for longevity.

The CMTA’s perspective also invites the buyer to look at the “Big Picture.” Every time a vehicle is imported under an under-declared value or an artificial depreciation bracket, it isn’t just a loss for the Treasury; it is a blow to the country’s foreign exchange discipline.

“A savvy buyer today is more informed than ever. They realize that a “cheap” import with no service history and no tropicalised specifications may eventually become a “minus” on the balance sheet. Frequent repairs and lower resale value can quickly evaporate the initial few lakhs saved at the point of purchase. Ultimately, the choice between brand new and used is a choice between certainty and speculation,” the Association says.

The CMTA is advocating for a level playing field where duty is based on true transaction value. Until that day comes, the burden of due diligence rests on the consumer. To be a “savvy buyer” in 2026 means looking past the showroom shine and asking: Who stands behind this car if something goes wrong tomorrow?

In conclusion, CMTA says,” For those seeking long-term peace of mind, the “brand new” path – supported by a transparent duty structure and a solid warranty – remains the gold standard for steering Sri Lanka’s complex automotive landscape.”

Before signing the papers on a reconditioned vehicle, the CMTA suggests buyers evaluate the four “minus” factors against a “brand new” purchase:

By Sanath Nanayakkare

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