Sri Lanka has unveiled its latest gemstone trading hub, International Gem and Jewellery Trade Centre, also known as the Ratnapura Gem Tower. It is situated in the National Gem and Jewellery Authority (NGJA) Building in Demuwatha, Ratnapura. This government-backed complex is poised to become a pivotal destination for international gem traders.
The center boasts a range of essential facilities and services tailored to facilitate gem trading and exporting. These include Gem and Jewellery Export Services, Gem Testing and Certification Laboratory Facilities, Banking and Money Transfer Facilities, Courier and Postal Services, Information Facilities, Ample Parking Facilities, Restaurant Amenities, and Insurance Services.
The center’s inauguration on April 4, 2024, marks the completion of its initial phase, which includes a five-story building constructed at a cost of Rs. 365 million. Plans for the second phase are already in motion, with the aim of adding 14 additional floors at an estimated expenditure of Rs. 450 million.
With 27 business premises in total, the center allocates 17 spaces for local entrepreneurs and reserves 10 for foreign counterparts. The ultimate goal of establishing an international hub that facilitates seamless transactions between sellers and buyers.
Despite Sri Lanka’s abundant gem resources, its income from this sector remains relatively low compared to countries like Hong Kong and Thailand. Hong Kong, despite lacking its own gemstones, generates an impressive annual revenue of US$12 billion from gemstone re-exports. Similarly, Thailand earns US$6 billion annually from its gem trade.
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