The National Gem and Jewellery Authority (NGJA) has introduced new measures to revise the taxation process for importing rough gemstones, aiming to support industry stakeholders and help Sri Lanka reach its goal of $1 billion in annual gem exports.

During a press briefing at the Department of Government Information, NGJA Chairman S.P. Chaminda explained that the new system will provide significant relief to gem importers.

He stated, “We have adjusted the method for calculating Value Added Tax (VAT) on gemstone imports. Instead of previous calculations, a fixed value will now be assigned to each imported parcel.”

For valuable stones like rubies, sapphires, and emeralds, the estimated value is approximately $900 per kilogram. VAT will be calculated based on this fixed amount, and the previous $200 customs charge has been eliminated under the new system.