Cabinet...

The move directs the Legal Draftsman to prepare a new draft based on the final report compiled by the appointed Policy and Monitoring Committee.

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The report incorporates stakeholder proposals, alternative solutions, and amendments in line with a Supreme Court order.

The move follows earlier Cabinet approval in October 2023 to publish a draft bill repealing the Microfinance Act, No. 6 of 2016. That draft was subsequently challenged in the Supreme Court, prompting a review by the Parliamentary Sectoral Supervisory Committee on the Appeasement of the Impact of the Economic Crisis.

The Committee recommended the formation of a dedicated body to study concerns raised by various parties. The resulting report now forms the foundation of the new legislative proposal, which will be gazetted before being submitted to the Parliament for approval.

The proposal to this effect, presented by President Anura Kumara Disanayake in his capacity as the Finance, Planning and Economic Development Minister, was approved by the Cabinet of Ministers.

FACETS...

He recalled the inaugural FACETS exhibition in 1991, which began with just 50 booths at the Hilton Colombo, and highlighted how the event has since evolved into the flagship platform for the country's gem and jewellery sector, bridging tradition and modern design.

"FACETS 2026 will expand its scope with a two-floor showcase at Cinnamon Life, presenting an immersive 'Mine to Market' experience. Visitors will witness master gem-cutting, innovative jewellery designs, and displays of Sri Lanka's diverse gemstone varieties, from the deep royal blue sapphire to the rare Padparadscha," he added.

Cassim said the exhibition will also highlight the island's sustainable mining heritage, an integral part of its identity, ensuring environmental preservation and community support.

FACETS 2026 Chairman Armil Sammoon underscored the deeply human story behind every gemstone, describing the industry as a "living heritage" that connects miners, cutters, designers, exporters, and customers in a shared narrative.