Govt. targets $ 1b gem industry as Sri Lanka pushes global hub ambitions

Deputy Minister Chathuranga Abeysinghe says challenge is not quality of its gemstones, but country’s inability to effectively market itself internationally so far

- By CHARUMINI DE SILVA

SRI Lanka is seeking to transform its centuries-old gem and jewellery industry into a billion-dollar export sector and position the country as a global trading hub, with the Government pledging reforms to tackle smuggling, improve value addition and attract international buyers through a more structured industry framework.

The ambitious agenda was outlined yesterday as authorities announced the Gem City Ratnapura Exhibition 2026, amid broader efforts to raise gem and jewellery exports from the current $ 300 million level and integrate the sector into the country’s wider export expansion strategy.

Addressing the media, Industry and Entrepreneurship Development Deputy Minister Chathuranga Abeysinghe said the Government views gems and jewellery as one of Sri Lanka’s most strategic export industries and is pursuing reforms across the entire value chain to improve competitiveness and global positioning.

“At present, Sri Lanka’s gem and jewellery exports generate around $ 300 million annually, and the sector continues to grow,” he said. “Fundamental changes are taking place across the entire value chain to improve competitiveness and position Sri Lanka as a global hub for gems and jewellery.”

The announcement comes just days after the launch of the National Export Development Plan (NEDP), which targets a sharp increase in export earnings by 2030 and identifies high-value sectors capable of driving the country’s next phase of growth.

Abeysinghe acknowledged that Sri Lanka’s biggest challenge is not the quality of its gemstones, but the country’s inability to effectively market itself internationally.

“Sri Lanka has not been branded properly or even positioned properly for tourism, and the same challenge exists in how we position the country as a gem hub,” he said.