Gem and jewellery exports earn $ 315 m so far in 2023: State Minister

  State Minister for Primary Industries Chamara Sampath Dasanayake

• Expresses optimism to boost authority’s profits with 200% by year end 
• Says SL has potential to generate around $ 400-500 m via institutions under Primary Industries Ministry
• Attributes surge in demand for phosphates due to ongoing Russian-Ukrainian conflict
• Calls for collective efforts to ensure country’s economic prosperity

The State Minister for Primary Industries Chamara Sampath Dasanayake this week announced that gem and jewellery exports have garnered an impressive income of $ 315 million year-to-date whilst recording a growth rate of 34%, reaffirming its vital role in strengthening the economy. 

He emphasised the pivotal contribution of the National Gem and Jewellery Authority (NGJA) to boost country’s foreign exchange, underscoring strategic decisions taken to enhance its operations.

Speaking to media at the Presidential Media Center on Tuesday, he said gem exports yielded an income of $ 230 million in 2022 Dasanayake shared the numerous strategic decisions undertaken to boost the authority’s profits.

Addressing historical concerns surrounding foreign exchange remittance from gem exports, he highlighted the implementation of a novel customs clearance system. According to him this system ensures meticulous assessment of each exported gem, guaranteeing the inflow of foreign exchange, a notable improvement from past practices.

The State Minister also underscored the financial progress of the authority, revealing that revenue from licensing and assessment fees in the previous year amounted to Rs. 144 million. However, the current year has marked a significant increase, with a substantial profit of Rs. 288 million. 

He expressed optimism in further elevating the authority’s profits by an impressive 200% by the end of the year.

Dasanayake recognised the potential to generate around $ 400-500 million through various institutions under the purview of the Primary Industries Ministry. He emphasised the importance of collective efforts to ensure the country’s economic prosperity without the burden of debt, acknowledging the challenges that must be overcome along the way.

The State Minister highlighted the Ministry of Primary Industries’ initiatives to bolster foreign exchange reserves, addressing historical challenges. He also emphasised the independent financial contributions of the Gems and Jewellery Authority to the Ministry of Finance, demonstrating the authority’s commitment to the nation’s economic well-being.

He also touched upon his role at the Phosphate Institute, detailing the transformation of the institution’s financial health. He credited its success to resolved challenges, including a Rs. 150 million bank overdraft that had previously jeopardised employee salaries.

Highlighting the recent surge in demand for phosphates due to the ongoing Russian-Ukrainian conflict, Dasanayake underscored the positive impact on the economy. The resolution of a 23-year-old phosphate trade controversy led to an impressive profit of Rs. 143 million within a span of two weeks.

He went on to note that the employees of the authority are not reliant on government salaries. “The Gems and Jewellery Authority, independently, contributes between Rs. 50 and 100 million to the Finance Ministry, underscoring our commitment to the nation’s economic well-being.”