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Sri Lanka’s jewelry manufacturers urge the government to lift the ban on gold imports

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Jun 14, 2023 #gem, #jewelry, #tourism

The representatives of the gem and jewellery industry recently highlighted that due to the ban on the import of gold, the business community involved in the jewellery manufacturing industry, targeting the tourism sector, is suffering currently.

These issues faced by the gem and jewellery industry in Sri Lanka were discussed in the Sectoral Oversight Committee on Environment, Natural Resources and Sustainable Development which met recently under the chairmanship of Ajith Mannapperuma, Member of Parliament.

It was revealed that these business community who deal only in foreign currency brings a huge amount of foreign exchange to the country and proposed to use a part of that foreign exchange they earn and allow them to import gold for the business. It was also stated that due to the taxes imposed by the government on the gems and jewellery industry, the businessmen engaged in this sector are suffering.

Accordingly, the chairman of the committee said that the attention of the Ministry of Finance will be given to these matters immediately.

The decrease in the number of workers entering the gem and jewellery industry was also discussed. The MPs and the representatives present pointed out the need to establish training institutes in the areas where this industry is based and take steps to popularize this sector.

The use of new technology in the field of gem and jewellery, issues arising in export, tax issues etc. were also discussed in the committee. Accordingly, the problems presented in this committee will be prepared as a report and steps will be taken to find solutions to them after discussions with the responsible institutions, the chairman of the committee said.

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