Sri Lanka announced a target of one billion US dollars in gem export revenue for 2025, a sharp increase from the roughly 360 to 400 million dollars the sector generates today when informal shipments are partially counted.
NGJA leadership told media in April 2025 that about 90% of gems still leave the country outside fully tracked channels. The government's response is not a single tax tweak but a formalization programme: export licensing, cooperation between NGJA and Customs, technology investment for detection, and inclusion of jewellery sales alongside loose stone exports.
Chairman Naveen Sooriyarachchi framed the opportunity in export-ranking terms. With proper regulation, gems and jewellery could become the country's second or third largest merchandise export by foreign revenue. That requires jewellery value addition to grow, not only rough and cut stone shipments.
Industry participants welcomed the ambition but noted recurring obstacles: administrative bottlenecks at licensing desks, tax unpredictability on imports, and a domestic trade that still prefers informal settlement for speed. A billion-dollar headline is useful for attracting buyer delegations; hitting the number requires years of consistent policy.
For international buyers, formalization should mean clearer chain-of-custody documentation and fewer surprises at re-import. For local miners and cutters, it means short-term friction as paperwork replaces handshake deals. The target sets the direction; the gazettes and customs codes released through 2025 and 2026 are the mechanics.
