By Ifham Nizam 

The government of Sri Lanka has set a target of USD 3 billion per annum in the foreseeable future, from exporting precious gemstones and exclusive jewellery pieces, Minister of State for Industry and Entrepreneur Development, Chathuranga Abeysinghe said.

During the opening of the “Jewels 2024” International Gem and Jewelry Exhibition in Colombo, Abeysinghe highlighted the vital role the gem and jewelry sector can play in Sri Lanka’s economic growth, particularly in earning foreign exchange.

“This ambitious target reflects the government’s commitment to revitalizing and expanding the country’s gem industry,” he said.

Speaking further he said:

 “Sri Lanka’s gem and jewellery sector, a vital industry with significant potential for foreign exchange earnings, is steadily declining due to the absence of a proper policy framework. The lack of it has caused the industry to lose its competitive edge. The challenges faced by the industry include technological gaps, government tax policies, and bureaucratic hurdles that stifle growth.

“In this backdrop, the current administration is focused on eliminating these barriers and aims to generate USD 3 billion in export revenue from the industry in the near future.”

 “Without a comprehensive policy, we are losing out on the immense potential of this sector. Our government is fully committed to removing these obstacles and is focusing on creating the right policy changes. Sri Lanka has the capacity to become a global hub for gems and jewelry, and we are working to make that vision a reality.”

“The government’s strategy includes integrating the gem and jewelry sector with the tourism industry to accelerate its development. With its rich history in gem mining and jewelry crafting, Sri Lanka holds a unique position to become a leading player in the global market, provided the necessary policy reforms are implemented.”

“With the right steps, Sri Lanka can reassert itself as a dominant player in the global gem market, but time is of the essence in addressing the challenges currently facing the industry.”

“The goal of generating USD 3 billion in export revenue from the gem and jewelry industry is achievable. However, this requires swift action to overcome existing challenges such as technological gaps, outdated tax policies, and bureaucratic obstacles.”

 “The government is focusing on policy reforms to remove these barriers, allowing the sector to thrive and fully exploit its export potential.”

 “The sector’s development aligns with the government’s broader economic goals and will play a significant role in bolstering Sri Lanka’s foreign exchange reserves. As the global demand for high-quality gems continues to rise, Sri Lanka has the opportunity to capture a larger share of this lucrative market. The implementation of necessary reforms and the fostering of an innovative, sustainable industry will be key to achieving this target,” the state minister said.

This year’s theme for the exhibition was “Sustainable Development of Sri Lanka’s Gem and Jewelry Industry,” underscoring the importance of adopting sustainable practices while ensuring the industry’s growth.

To help improve climate resilience measures in Sri Lanka

by Sanath Nanayakkare

In partnership with the Department of Meteorology (DoM), JICA is spearheading the establishment of the Doppler Weather Radar Network in the Puttalam district, which can realize accurate weather observation and weather prediction based on the collected data by the radar. This initiative is a significant step in strengthening Sri Lanka’s improving its climate resilience including not only reducing risks of floods, landslides, and drought but also agriculture and fishery.

The groundbreaking ceremony for starting the construction of the radar, along with a media briefing, was held on December 23, 2024, at the DoM’s District Office in Puttalam. Naoaki Kamoshida, Deputy Head of Mission at the Embassy of Japan in Sri Lanka, Tetsuya Yamada, Chief Representative of JICA Sri Lanka, Dharmathilaka, Additional Secretary for the Disaster Management Division of the Ministry of Defence, and Karunarathne, Director General of the Department of Meteorology participated in the event.

The agreement on providing fund for establishing the radar network was signed in 2017 and there was a long way to start the construction due to COVID-19 pandemic from 2020, and the economic crisis from 2022.

The Commercial Bank of Ceylon won two Golds, a Silver and a Bronze at CA Sri Lanka’s ‘TAGS’ Awards 2024, reaffirming the Bank’s prowess in financial reporting through its Annual Report for 2023.

Excelling in the four pillars recognised by the awards programme – Transparency, Accountability, Governance, and Sustainability, Commercial Bank was presented the Gold for ‘Corporate Governance Disclosure’ in the Financial Services sector and the Gold for the Best Annual Report among the private sector banks. The Bank also won the Silver for ‘Digitally Transformative Reporting’ across all sectors, as well as the overall Bronze award for Excellence in Corporate Reporting.

“Our consistent recognition at the CA Sri Lanka TAGS awards is extremely relevant to all stakeholders, because it ratifies the Bank’s commitment to Transparency, Accountability, Governance, and Sustainability in its financial reporting,” Commercial Bank Managing Director/CEO Sanath Manatunge said. “Every year, our business grows exponentially in size and complexity as global standards change and customer expectations rise.