Sri Lanka plans to establish an international Gem Hub in Colombo next year as part of efforts to develop the country’s gem and jewellery industry into a higher-income economic sector, with the Government looking to ease import and export restrictions affecting the industry, Minister of Industry and Entrepreneurship Development Sunil Handunnetti said at the Ceylon Gemlogue 2026 on Sunday (27).

Speaking at the event, Handunnetti said: “For more than 2,000 years, the world has known this island through the extraordinary brilliance of its gemstones. Our ambition is not simply to export gemstones, but to create greater value within Sri Lanka through cutting, polishing, jewellery manufacturing, branding, marketing, and international trade. We plan to establish an international Gem Hub in Colombo next year, as part of our intention to elevate this sector to a significantly high level, where the gem and jewellery industry becomes one of Sri Lanka’s significant high-income economic sectors. This is one of my principal priorities for the future.”

He added: “We will work towards liberalising the import and export frameworks for the gem industry, creating a more efficient, transparent, and internationally competitive environment, including the reduction or removal of unnecessary tax and procedural barriers that impede legitimate international trade.”

At the inauguration of Gem City Ratnapura 2026, Foreign Affairs, Foreign Employment and Tourism Minister Vijitha Herath highlighted the National Gem and Jewellery Authority’s goal of raising annual gem and jewellery exports to $ 3 billion by 2030, as the country seeks to expand the economic contribution of its gem and jewellery industry.

“Our objective is clear. Sri Lanka must become a destination where the international gem trade can operate with confidence. We are already taking practical steps to make the experience of international visitors more convenient,” Handunnetti said.

“The Ceylon Sapphire, the Ceylon Gem, these are not merely precious stones, they are enduring symbols of our heritage, our craftsmanship, and our place in the global gem and jewellery industry,” Handunnetti said.

“Today, our responsibility is to ensure that the value of those treasures is matched by the strength of our institutions, the sophistication of our industry, and the ambition of our vision. From mine to the market, from Sri Lanka to the world, from a precious stone to a powerful economic story, that is the vision we must pursue,” he said.