Boost for local jewellery industry

The National Gem and Jewellery Authority Chairman-CEO Hasitha Tillekeratne commended President Mahinda Rajapaksa on the decision to exempt Nation Building Tax (NBT) on the importation of gold effective from March 1, 2010, pending amendment to the Nation Building Tax Act No.-9 of 2009.

The country's jewellery industry will receive a boost by this decision, which would substantially slash the operating costs for Sri Lankan jewellers, who had to pay

NBT on gold imports. Even the items manufactured were destined for export. The major outcome of this decision will be to increase the global competitiveness of the Sri Lankan jewellery industry with a resultant increase in foreign exchange earnings and the generation of new job opportunities.

The National Gem and Jewellery Authority with Sri Lankan Export Development Board and the Sri Lanka Gem and Jewellery Association submitted the request for exemption to the President through the Ministers in-charge of the industry Enterprise Development and Investment Promotion Minister Anura Priyadarshana Yapa and Enterprise Development Minister Mano Wijeratne.

Approximately 25,000 men and women are employed in Sri Lanka's jewellery manufacturing industry. Adding a new dimension to the industry the Sri Lanka Assay Office which is housed at 'NGJA' Colombo Office has obtained the observer status with the Association of European Assay Offices (AEAO) and has applied and awaiting the membership of the International Convention of Assay Offices.

In March 2006, Assaying and Hallmarking regulations of Sri Lanka were gazetted. In accordance with these regulations, the sponsor's mark (manufacturer or traders mark) should be stamped on articles of jewellery offered for sale and the mark should be registered at the 'Assay Office' 'NGJA'.

At present Assaying and Hallmarking Services provided by the 'NGJA' are obtained by jewellery manufacturers and traders voluntarily, and they are well recognized through the 'NGJA' website and local advertising campaigns. In the near future it would become mandatory for all the jewellery items offered for sale in Sri Lanka be Hallmarked by the Assay Office, 'NGJA'.

As a part of its promotion campaign the 'NGJA' is scheduled to organize "Sri Lanka Pavilions" at International Gem and Jewellery events to be held in China, Russia, Singapore, Turkey and India showcasing fine quality Sri Lankan gems and exquisite jewellery.