Editor’s Note
This article discusses Sri Lanka’s approval of a “single tax per parcel” policy for imported gems, aimed at curbing illegal exports and unlocking the industry’s full economic potential.
Cabinet Approves “Single Tax per Parcel” for Imported Gems
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 address this issue, the Cabinet has approved a “single tax per parcel” for imported gems intended for value addition. This new measure replaces the previous complex system of repeated fees.
The new law will be presented in the first Parliament session of 2026.
Its aim is to make Sri Lanka a global gem hub by simplifying the import and export process.