Interviews
NGJA succeeds in securing right to import gems
12 Dec '07
2 min read
National Gem and Jewellery Association (NGJA) of Sri Lanka is the leading forum of the industry regulating the trade processes and formulating strategies beneficial for rapid growth of this sector.
According to the officials from the association, the gems and jewelry industry has the potential to increase competitiveness on a global level, earn foreign revenues, and create employment opportunities.
Recently, NGJA has made plans to permit imports of rough stones so as to cater additional value and enhance the growth of the industry. However, certain impractical regulations are impeding the implementation of this strategy.
The decision taken by the Government to eliminate taxes on gem imports and to promote a smooth influx of raw materials for the local industry, was neither properly implemented nor had the desired impact.
Officials from NGJA believe that necessary raw materials are still not pouring in the domestic market because of regulatory policies like licensing and exchange control. Besides, financial arrangements for the industry also call for Government attention.
After prolonged discussions and petitions made by NGJA, the Government has finally included in the budget for 2008, provision for the industry to import rough stones for value addition.
The budget also provides exporters with the right to purchase rough stones from their foreign exchange earnings.
According to the officials from the association, the gems and jewelry industry has the potential to increase competitiveness on a global level, earn foreign revenues, and create employment opportunities.
Recently, NGJA has made plans to permit imports of rough stones so as to cater additional value and enhance the growth of the industry. However, certain impractical regulations are impeding the implementation of this strategy.
The decision taken by the Government to eliminate taxes on gem imports and to promote a smooth influx of raw materials for the local industry, was neither properly implemented nor had the desired impact.
Officials from NGJA believe that necessary raw materials are still not pouring in the domestic market because of regulatory policies like licensing and exchange control. Besides, financial arrangements for the industry also call for Government attention.
After prolonged discussions and petitions made by NGJA, the Government has finally included in the budget for 2008, provision for the industry to import rough stones for value addition.
The budget also provides exporters with the right to purchase rough stones from their foreign exchange earnings.
Popular News
Leave your Comments
Editor’s Pick
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
