Good News for Sri Lankan Online Gem Sellers and Exporters: The Government is in process to reduce export charges

The Sri Llankan Cabinet of Ministers this week approved submission of orders issued by the gazette notification 2232/36 to the Parliament to give legal effect to the moves, the local business news daily The Daily FT reported today.

The new export charges for gemstones and jewelries from Sri Lanka would be, for online sales value of USD 1,000 will be free-of-charge and the sales value below USD 3,000 will be charged a flat fee of LKR 3,000.

The export fee for sales value above USD 3,000 has been reduced to 0.25% of the sales value from the previous amount of 0.5%.

The covid-19 pandemic badly hit the gem and jewelry exports from Sri Lanka. The exports took a dive in year 2020. The exports figures for first seven months of the year 2021 showing a recovery path amounting to USD183 million, the Daily FT reported. But authorities doubt it couldn’t achieve pre covid-19 era annual export target of USD 300 million which Sri Lanka achieved totaling USD 300 million for the year 2019.

Sri Lanka is the ninth-largest exporter of precious stones to the global market and one of the five most important gem bearing nations in the world. The main exports market for Sri Lankan gems and jewelry are India, Thailand, Hong Kong, China and USA.