Daily News Online

DateLine Thursday, 15 November 2007

News Bar »

News: Are HR groups and Media blind ? - Keheliya ...        Political: Wijeyadasa says will remain in SLFP ...       Business: Credit guarantee scheme for gem exporters ...        Sports: Cricket selectors up a gum tree ...

Home

 | SHARE MARKET  | EXCHANGE RATE  | TRADING  | PICTURE GALLERY  | ARCHIVES | 

dailynews
 ONLINE


OTHER PUBLICATIONS


OTHER LINKS

Marriage Proposals
Classified
Government Gazette

Budget proposals to help sector earnings:

Credit guarantee scheme for gem exporters

The Sri Lanka gem and jewellery industrialists are to increase the growth rate up to 20 per cent from the existing 13 per cent through maximising production capacity.

President, Sri Lanka Gem and Jewellery Association Chanaka Ellawela commending the comprehensive and progressive proposals contained in the Budget 2008 in relation to the development of the gem and jewellery industry said the aim of the industry is to reach US $ one billion in export earnings within five years.

He hoped it would not be difficult to achieve this target with the given budget proposals.

He said the objectives of the six proposals are two fold. Firstly to rapidly increase the supply of raw material available to the industry both from domestic and foreign sources and to expand the manufacturing capacity for value addition through cutting and polishing of gems and jewellery manufacture.

He said the industry will be able to increase the global competitiveness leading to a rise in foreign exchange earnings and the generation of employment opportunities.

There are 5,000 employed in the industry at present. This could further increase with new developments.

To encourage gem and jewellery exporters ,50 per cent of foreign exchange earnings of such exporters maintained in bank accounts in Sri Lanka, will be permitted to be used for the import of required raw material and the Central Bank will introduce a credit guarantee scheme to encourage banking institutions to extend credit to persons engaged in the industry.

Ellawella said this would encourage people to start new factories in lapidary and allied sectors.

Exemption of income tax for the export income arising from gems imported and thereafter cut and polished, and exemption of Customs Duty for packing , raw materials and accessories to be used for fashion jewellery industry are among the other proposals.

The Sri Lanka Gem and Jewellery Association as the apex trade association in the gem and jewellery industry plays a lead role in the formulation of industry level strategy and policy advocacy to propel the industry on a path of rapid growth.

EMAIL |   PRINTABLE VIEW | FEEDBACK

Gamin Gamata - Presidential Community & Welfare Service
www.vocaltone.com/promo/Call_to_sri_lanka.html
www.topjobs.lk
www.cf.lk/hedgescourt
www.buyabans.com
Ceylinco Banyan Villas
www.srilankans.com
www.lankafood.com
www.peaceinsrilanka.org
www.army.lk
www.news.lk
www.defence.lk
www.helpheroes.lk/

| News | Editorial | Business | Features | Political | Security | Sport | World | Letters | Obituaries |

Produced by Lake House Copyright © 2006 The Associated Newspapers of Ceylon Ltd.

Comments and suggestions to : Web Editor