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Gem sector to shine a VAT goes
26 Jul '05
1 min read
With immediate effect, 15 percent Value Added Tax (VAT) on the imports and trading of rough, cut and polished gemstones , diamonds and precious metals, has been abolished, as per the decision taken by the Sri Lankan Cabinet.
The move is seen to transform Sri Lanka in to a gem industry hub, what with gem and jewellery exports for 2004 earning US $101.23 million for the country in 2004.
During the first half of 2005, gem and jewelry exports were recorded at US$44.80 million.
The sector is expected to cross tea and apparel sectors in export performance in the future with more value addition and creativity.
Meanwhile, the 15th International Gem and Jewellery Exhibition 2005 (Facets) is being organised by Sri Lanka Gem and Jewellery Association to run during August 31 - September 3, 2005.
The move is seen to transform Sri Lanka in to a gem industry hub, what with gem and jewellery exports for 2004 earning US $101.23 million for the country in 2004.
During the first half of 2005, gem and jewelry exports were recorded at US$44.80 million.
The sector is expected to cross tea and apparel sectors in export performance in the future with more value addition and creativity.
Meanwhile, the 15th International Gem and Jewellery Exhibition 2005 (Facets) is being organised by Sri Lanka Gem and Jewellery Association to run during August 31 - September 3, 2005.
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