Silver metal at concessionary price

The one hundredth event under the National Gem and Jewellery Authority's program to provide small and medium scale jewellery designers and manufacturers and their associations with silver metal at a concessionary price was held at the Authority's Head Office recently.

National Gem and Jewellery Authority Chairman /CEO Hasitha Tillekeratne said the Government had given a number of special concessions to the gem industry.

These are the removal of 15 percent VAT and the 1.5 percent port and airport development levy on the import of gems and precious metal, the 18 percent VAT on foreign currency earned by the sale of jewellery in Sri Lanka, reducing VAT on the sale of locally manufactured jewellery from 20 percent to 5 percent and providing low-interest loans to jewellery manufacturers.

As a result, for the first time in the history of Sri Lanka's gem industry export earnings went up to 57.7 billion in 2008, according to the Chairman. He also said that the NJGA was hoping to allocate a valuable building owned by the Authority to the Gold Manufacturers Association Surasa in Belideniya, Matara so that they can establish a manufacturing centre and a sales outlet and directly sell their products to tourists.

He further said that steps have been taken to give complete tax relief for revenue earned through licensed gem auctions after imposing a final tax of 2 1/2 percent.

The Chairman urged gem industrialists to make use of this tax concession.

He added that small and medium scale jewellery designers and manufacturers have been provided with the opportunity of obtaining designs of international standard and displaying their products free on the NGJA website.