President pledges concessions for gem and jewellery industry

Monday, 18 March 2024 04:51 - - {{hitsCtrl.values.hits}}

President Ranil Wickremesinghe last week unveiled plans to provide concessions to stakeholders engaged in the gem and jewellery sector.

The initiative comes in response to the challenges faced by the industry, with the President emphasising the importance of addressing these issues to support those involved in the field. By offering solutions to the problems in the industry, relief will be extended to its stakeholders, ensuring their continued growth and prosperity.

President pledges...

However, the President explained that immediate changes to the tax policy are not feasible, but assured that efforts will be made to devise an effective system to boost the gem and jewellery industry.

The President directed officials to develop a viable system to expand the gem and jewellery industry.

Speaking at a discussion last Friday at the Presidential Secretariat, he instructed them to collaborate with the public and private sectors to draft a proposal addressing these issues within two weeks.

Extensive discussions were held regarding the challenges arising from the Government’s new tax policies, which have had repercussions on the gem and jewellery industry, along with other pertinent issues concerning the sector.

Wickremesinghe emphasised the need to focus on boosting gem exports and enhancing the value-added processes.

The President also unveiled plans to initiate mining operations in the Sabaragamuwa Province and the Nuwara Eliya district in the future. Gem businessmen will have ample opportunities to venture into mining in these regions.

Wickremesinghe said that a survey will be conducted to explore the feasibility of setting up gem and mining enterprises in other regions of Sri Lanka.