National Gems and Jewellery Authority targets US$ 2 Bn income by 2025
President and Chief Executive Officer of the National Gems and Jewellery Authority, Viraj de Silva, said that they expect to generate an annual income of US$ 2 billion by the year 2025 through the export of gems.
The chairman pointed out that in the first 7 months of this year alone, they managed to earn an income of 312 million US dollars by exporting gems, and by the end of this year, it is expected to get an income of 500 million US dollars.
He also mentioned that a program has already been implemented as per the instructions of President Ranil Wickremesinghe to stop the illegal export of gems, which has been the main obstacle to achieving the target of 2 billion dollars.
Accordingly De Viraj de Silva said that the necessary steps will be taken soon to enable foreign buyers to buy gems directly from auctions in this country he said while participating in the ‘One On One Talks’ program produced by the Presidential Media Division.
According to the Gems and Jewellery Authority (GJA) Act, the regulatory activities are carried out by the authority from the granting of permits for mining to the export of gemstones. Also, we carry out regulatory activities from auctions, sales, to sending abroad.
“All this is done for the country. Also, various promotional programs are carried out locally as well as abroad. We have focused on bringing as much foreign exchange as possible to the country.”
GJA has six regional offices across the country and monitoring activities are done through these offices. If a gem is found in a mine, they cannot sell it as needed. According to the law of the country, it should be sold in a public auction Also, the government gets 2.5% of the money received after selling a gemstone. Recently, a gem worth 40 crores was sold. These days there is also growth in mining activities. Certain conditions have been imposed in running gem mines.
From January to July this year alone, an income of 312 million US dollars has been earned by exporting gems. But we have the ability to find more money. In comparison to other sectors, Gems and Jewellery Authority has achieved a high growth rate of 34% in exports. It must be said that our authority has achieved that growth rate, surpassing the tea and garment industries in particular. Gems found like this belong to the entire people of the country. The country should get its proper value. We believe that it will be a great help to save the country from this difficult situation.
The number of exporters in the country should be increased for these activities. “Also, we have taken steps to prevent irregularities in the Gems and Jewellery Authority.”
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