Former UNP Deputy Leader, MP Ravi Karunanayake, raised concerns in Parliament under Standing Order 27(2) about the current state of Sri Lanka’s gem industry.
MP Karunanayake noted that Sri Lanka, historically known as the “Gem Island,” has produced sapphires, rubies, and other rare gems cherished by kingdoms and scholars worldwide for centuries. Yet, despite its potential, the industry remains underdeveloped.
Highlighting the urgent need for foreign exchange and permanent employment, he called for immediate reforms. While the government has promoted the gem and jewelry sector as a potential multi-billion-dollar industry, MP Karunanayake pointed out that mining is limited, value addition is weak, and international market access remains low. Most gems are exported in raw form, reducing potential revenue.
He also questioned whether the sector is hampered by high taxes, excessive licensing, and regulatory hurdles, which have driven small miners and traders away from the industry.
