President to inaugurate FACETS 2025 today

• 31st edition showcases Sri Lanka’s 75+ gemstone varieties, blending traditional craftsmanship with modern innovation, promoting local SMEs and businesses
• Features pavilions on sustainability, rough stones, sapphires, gem labs
• Organisers expect over 800 trade visitors from 40 countries
• Raises concerns over 18% VAT on rough and finished gemstones, which has reduced imports, harmed manufacturers and jeopardised over 600,000 livelihoods
• FACETS advocates for tax policy changes to boost exports to sustain 
• Sri Lanka’s competitive position globally
• Industry aims to propel toward its 
• $ 1 b export target, combining trade, tourism, policymaking initiatives

By Janani Kandaramage

The flagship gem and jewellery exposition FACETS Sri Lanka in its 31st edition will kick off today (4) under the patronage of President Anura Kumara Dissanayake at the Cinnamon Grand, Colombo. 

Organised by the Sri Lanka Gem and Jewellery Association (SLGJA) – in partnership with the National Gem and Jewellery Authority (NGJA), is slated to be held till 6 January aims to make a bigger impact. 

Gracing the New Year, FACETS 2025 has become a highly anticipated event within the industry, bringing together prominent gemstone and jewellery traders, manufacturers, lapidaries and collectors from around the world. Over the decades, FACETS has been a vibrant celebration of Sri Lanka’s position as a prominent source country, home to more than 75 varieties of gemstones. Displaying the gems of local jewellers and traders, FACETS 2025 will not only spotlight Sri Lanka’s distinctive blend of rich tradition and innovative modernity in craftsmanship, but also facilitate the expansion of local SMES, MSMEs, and businesses of all sizes through exposure to the international market. 

The exhibition will be host to entrepreneurs from industry hot spots such as Ratnapura, Elahara, Beruwela, Ehiliyagoda, Galle, Pelmadulla, Kahawatta and Colombo, who are all excited to showcase the stunning gems and jewellery the country has to offer. It will also be graced by Foreign Minister Vijitha Herathand President Anura Kumara Dissanayake, both of whom have been staunch advocates for FACETS even before assuming office.

 

FACETS Chairman Armil Sammoon said: “The President’s presence will assure exporters of the current Government’s support to their endeavours and its dedication to rebuilding and enhancing the gem industry.” 

FACETS 2025 aims to make a greater impact than its predecessors by focusing on sustainability, wide chain orders, and catering to rising stakeholder interest in the origins and production of gemstones. By featuring a Sustainable Pavilion, Sapphire Masterpiece Pavilion, and Rough Stone Pavilion, Gem Lab Pavilion – FACETS hopes to raise awareness and appreciation for sustainable practices in the gem and jewellery industry, signifying the beauty and potential of various gemstones while educating attendees about the processes involved in gemstone production and craftsmanship, cementing Sri Lanka’s position as a competitive hub for gem exports. 

With around 100 booths and close to 70 varieties of coloured gemstones present, not only will the event highlight the brilliance of Sri Lankan sapphires and coloured gemstones but also provide a window into Sri Lanka’s diverse culture and shared heritage through networking initiatives aimed at stimulating international collaboration. These include a Sapphire night, an iconic celebration of Ceylon Sapphire, and the Women’s Breakfast Club committed to inspiring and recognising female leaders in the industry. Other unique experiences offered include a VIP Golf Tournament, and a Mine Tour designed to offer first hand understanding into the local mine to market process. The visit to Port City aimed at showcasing its infrastructure will highlight Sri Lanka’s status as a key holiday destination to international visitors intending to do business in the country, further boosting the tourism sector of the country. Meanwhile, the Story Corner, inspired by last year’s Sustainability Pavilion, will offer a more in-depth journey into the trade’s responsible practices and the communities that shape the industry.

Organisers expect to draw over 800 trade visitors particularly from overseas, and with confirmed registrations from around 40 countries, including China, the USA, and Europe, they are highly optimistic. The Mine Tour organised by FACETS in collaboration with the National Gem and Jewellery Authority (NGJA) catered primarily to foreign visitors has been fully reserved, illustrating the global community’s excitement for this exhibition.

In the past few years, the 18% Value Added Tax (VAT) on the import of rough and finished gemstones posed significant barriers to maximising exports from Sri Lanka. The SLGJA had previously warned that the imposition of 18% VAT would increase the risk of relocation to emerging competitor hubs like Dubai, India, Hong Kong and Thailand.

It was previously revealed that 70% of Sri Lanka’s gem and jewellery exports rely heavily on imported precious, rough stones, due to customer preferences, colour design, and quality. Approximately 99.9% of gems are either exported or sold to visiting tourists. Additionally, imports of gems into Sri Lanka have also reduced greatly as a result of the VAT, which in turn has affected the jewellery manufacturers and lapidaries to the point of closure, jeopardising the livelihoods of over 600,000 employees in the formal sector. FACETS hopes to bring attention to this obstacle as a means of encouraging policymaking that eases the tax restrictions hindering the gem industry. 

Acting as a platform for industry leaders to collaborate and connect with professionals from around the world, FACETS hopes to contribute to driving the industry towards its goal of achieving $ 1 billion in exports.