Record earnings from gem land auction

RECORD: The National Gem and Jewellery Authority earned the highest income to date by realising Rs. 63,384,125 by selling all lots of the Kaboka and Kattadeniya land allotments offered at the Paradise Estate Gem land auction held at Kuruwita, Ratnapura recently, said the Chairman of the National Gem and Jewellery Authority Hasitha Tillakaratne.

Each lot, 10 perches in the Kattadeniya allotment offered at the auction was sold at Rs. 17,500,000 establishing another record in the history of gem land auctions said, Tillakaratne.

A sum of Rs. 54,615,000 was received as the bid amount at this auction. Sixty percent (60%) of this bid amount which works out to Rs. 32,700,000 has to be paid to the Land Reform Commission which has ownership of the auctioned land and after setting off the taxes owed to the Government and publicity expenses from the balance 40 percent accruing to the Authority, the remainder will be used for the development of the industry and the community engaged in the Industry said, Tillekaratne.

On the instructions of the Minister of Enterprise Development & Investment Promotion Rohitha Bogollagama, the auction was held in a most transparent manner enabling more and more people to participate in the auction and to gain access to the gemming industry. The auction was telecast live on ITN.

More land allotments in the Paradise Estate Gem Paradise are due to be auctioned in the near future.