The Sri Lankan government has earmarked the gem and jewellery industry as a priority sector for development, aiming to position the country as an Asian hub for gem sourcing and trading. This initiative seeks to establish robust infrastructure and modern marketplaces to attract international buyers and boost exports.
Export Development Board (EDB) Chairman and CEO Mangala Wijesinghe emphasized the strategic role of the sector in helping the country achieve over US$ 25 billion in merchandise exports by 2030. Speaking at the launch of ‘Gem Sri Lanka’ in Colombo, Wijesinghe affirmed the EDB’s commitment to collaborating with the Gem and Jewellery Authority to enhance the industry’s global competitiveness.
“Sri Lanka must focus on establishing, enhancing, and modernizing its marketplace to target foreign buyers effectively. The EDB will be instrumental in this development, working closely with industry stakeholders,” said Wijesinghe.
He highlighted the government’s particular emphasis on sustainable sourcing practices. “Sri Lanka holds a leading position in the sourcing of high-value gems. To maximize the benefits, we need to focus on adding value to all mined gemstones and adhere to ethical mining practices to establish ourselves as a sustainable sourcing destination,” Wijesinghe added.
Sri Lanka boasts a reputation for its array of 80 globally popular gem varieties and is strategically poised to become a major global hub. In 2023, the gem and jewellery sector contributed US$ 380 million to the nation’s merchandise export revenue, making it the eighth largest export earner. The sector is also crucial for job creation, supporting livelihoods across the country.
The government’s development agenda reflects the importance of sustainable and ethical practices as part of its strategy to elevate Sri Lanka’s standing in the global gem industry and attract significant international investment.
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