Minister of Industry Sunil Handunnetti reported a rise in illegal gemstone exports due to inefficient regulations and high fees.

He noted the industry currently earns only $200–300 million annually, despite a potential of $1–2 billion.

To fix this, the Cabinet has approved a "single tax per parcel" for imported gems meant for value addition. This replaces the complex system of repeated fees.

The new law will be presented in the first Parliament session of 2026. 

It aims to make Sri Lanka a global gem hub by simplifying the import and export process.