The Cabinet of Ministers approved a resolution by the President, as Finance Minister, to facilitate the promotion of the gem industry in Sri Lanka.

Key measures include ; VAT on gems based on weight for genuine and semi-genuine gemstones (Gazette No. 2461/43), Creation of new national customs codes for gemstones to implement the VAT system (Gazette No. 2461/40) and continuation of Ports and Airport Development Tax exemptions for gemstones under the new codes (Gazette No. 2461/44).

These steps aim to streamline taxation and enhance the competitiveness of Sri Lanka’s gem sector.