WORLD Sri Lanka approves online trading of gems

WORLD

Sri Lanka approves online trading of gems

Xinhua

20:29, August 26, 2021

COLOMBO, Aug. 26 (Xinhua) -- The Sri Lankan government has revised its export charges imposed on gems by the National Gem and Jewellery Authority (NGJA) and has allowed the online trading of gems, local media reported here Thursday.

In this photograph taken on February 17, 2016, a Sri Lankan gem dealer uses a torch to examine precious stones for flaws in Ratnapura district, some 100 kilometres southeast of Colombo. (File photo: AFP)

As per a special gazette notice, for gem and jewellery export consignments conducted online below the Free On Board (FOB) value of 1,000 US dollars, it will be free-of-charge, whilst export consignments conducted online to the FOB value between 1,000 US dollars and 3,000 US dollars, inclusive of both figures, will be charged 3,000 Sri Lankan rupees.

The fee for gem and jewellery export consignments conducted online above the Free On Board value of 3,000 US dollars has been reduced to 0.25 percent of the FOB value of the invoice from 0.5 percent.

"The demand for gems in the international market has dropped significantly due to the COVID-19 pandemic. Therefore, the industry stakeholders have requested the National Gem and Jewellery Authority to provide relief for charges levied on gem exports and facilitate online gem exports," the Government Information Department said.

According to official figures, gem, diamond and jewellery exports in the first seven-months of 2021 amounted to 183 million US dollars as against 90 million US dollars in 2020. Total exports in 2020 amounted to 211 million US dollars, down 9 percent from 2019. In 2019, the first seven months' exports amounted to 175.6 million US dollars. (1 US dollar equals 200.42 Sri Lankan rupees)

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