BIZ

No support from tourism authorities to SL’s largest gem exhibition!

Published

2 years ago

October 5, 2023

editor

The 30th edition of FACETS Sri Lanka, Asia’s premier gem and jewellery exhibition organised by the Sri Lanka Gem and Jewellery Association (SLGJA) in partnership with the National Gem and Jewellery Authority (NGJA) and the Export Development Board (EDB) will be held in Colombo next year.

It will be held at the Atrium Lobby of the Cinnamon Grand Hotel from January 06 – 08, 2024.

The SLGJA, formed in 2002, is the apex body for the gem and jewellery industry in Sri Lanka and represents all subsectors of the trade.

Over the years, FACETS Sri Lanka has become an important event in the international gem and jewellery calendar. This year too, it will serve as a much looked-forward meeting point for the global gem and jewellery sector, attracting prominent traders, gemstone and jewellery wholesalers, exporters, manufacturers, lapidarists, retailers, and collectors from across the globe.

A press conference was held in Colombo on October 03 to elaborate on the event.

FACETS Sri Lanka Chairman – Mr. Altaf Iqbal, SLGJA Board Member – Mr. Saman Amarasena, NGJA Chairman – Mr. Viraj De Silva, EDB Chairman – Dr. Kingsley Barnard, General Manager of Cinnamon Grand Hotel – Mr. Kamal Munasinghe and Mr. Rizan Nazeer, the Chairman of Local Promotion Committee of NGJA attended the press conference.

No support from tourism authorities!
FACETS Sri Lanka President Altaf Iqbal, who attended the event, shared his views on the upcoming exhibition and new features of FACETS Sri Lanka 2024, including the newly added Sustainability Pavilion and Sapphire Design Pavilion.

He added that the Ministry of Tourism and other authorities were informed about this exhibition, which can be promoted successfully among tourists. However, it is regrettable that they have not given any support to this exhibition, he said.

Many new features and booths
There will be a host of new additions to the show, such as the Sustainable Pavilion and the Sapphire Masterpiece Pavilion.

There will be several Pavilions showcased at FACETS Sri Lanka 2024 including the Premier Gem Pavilion, Premier Jewellery Pavilion, Sustainable Pavilion, Sapphire Masterpiece Pavilion, Rough Stone Pavilion, Gem Lab Pavilion, NGJA SME Pavilion, and the SLGJA Gem and Jewellery Pavilion. The event will also feature a special ‘Reminisce of the Past’ Event.

The Premier Gem Pavilion has been a part of FACETS Sri Lanka since its inception.

It will consist of leading Sri Lankan gem dealers who have been a part of FACETS Sri Lanka over an extended period of time, showcasing their gems for sale. The Premier Jewellery Pavilion will consist of prominent local jewellers, displaying their gems and finely crafted jewellery.

The Sustainable Pavilion is a first for FACETS Sri Lanka and will present the historical evolution of Sri Lanka’s gem and jewellery sector, along with its sustainability-related methods and approaches. It will also display the 2300-year history of the Sri Lankan gem trade from mine to market.

The Sapphire Masterpiece Pavilion, which is another first in Sri Lanka, will display large, precious stones, and will be on sale on the final day of the show. The Rough Stone Pavilion will feature and display rough stones from all sourcing countries of the world.

The Premier Gem Lab Pavilion brings together leading local and international gem labs together under one roof. The NGJA SME Pavilion will offer selected SMEs from across the country to showcase their gems and jewellery. The SLGJA Gem and Jewellery Pavilion will showcase gem and jewellery stalls from SLGJA members.

The ‘Reminisce of the Past’ event will feature a variety of speakers including senior gem and jewellery merchants who will speak about a variety of topics including how business was conducted in the past, and how the industry has evolved from the early years of humble beginnings, to what it is today.

BIZ

End of parate relief for large SMEs

Published

22 hours ago

July 1, 2025

editor

The grace period granted to small and medium-sized enterprises (SMEs) under Sri Lanka’s Parate Execution Law officially ended midnight yesterday (June 30) for businesses with loans exceeding Rs. 50 million.

The Parate Law grants banks the authority to seize properties pledged as collateral without court proceedings. Although its implementation had been suspended for three months by the current administration—and for six months earlier under former President Ranil Wickremesinghe—it has now been reinstated, triggering serious concern among entrepreneurs.

Deputy Minister of Economic Development – Dr. Anil Jayantha Fernando has stated that the government intends to hold discussions with all relevant parties in the coming days to address the issues linked to the law’s reimplementation.

Meanwhile, Opposition Leader – Sajith Premadasa has warned that the re-implementation of the Parate Execution Law could lead to the rapid auctioning of assets from small, medium, and micro businesses, putting them at risk.

In a statement yesterday (June 30), he emphasized that these businesses contribute over 50% to Sri Lanka’s Gross Domestic Production (GDP) and employ over 04 million people.

BIZ

Special FD scheme for senior citizens introduced

Published

22 hours ago

July 1, 2025

editor

The Ministry of Finance has officially launched the special fixed deposit scheme for senior citizens.

Proposed in the Budget 2025, the scheme which is open to resident Sri Lankan citizens aged 60 years and above, comes into effect from today (July 01).

Eligible fixed deposits can be opened between July 01, 2025, and December 31, 2025, and must have a 12-month tenure.

The scheme will be implemented through the 17 licensed commercial banks; five (05) government banks and twelve (12) private banks that have confirmed participation. As part of the process, customers are required to provide a declaration confirming that the funds deposited are their own, their monthly income is less than Rs. 150,000, consenting to the sharing of relevant information with the Ministry of Finance, Planning and Economic Development for verification purposes, agreeing that any false information provided will result in disqualification from receiving the interest subsidy.

The government has allocated Rs. 30 billion to cover interest subsidies under this initiative.

Key features of the scheme:
– Deposit Period: 12 months (1 year)

– Deposit Limit: Maximum of Rs. 1 million

– Interest Benefit: Depositors will receive either

An additional 3% over the Average Weighted Fixed Deposit Rate (AWFDR), or
An additional 3% over the declared fixed deposit rate—whichever yields a higher return.

Senior citizens interested in availing themselves of the benefits are encouraged to visit the nearest bank branch starting today. Applicants must provide valid documentation, including their National Identity Card (NIC) and Taxpayer Identification Number (TIN) issued by the Inland Revenue Department (IRD).

This scheme aims to support the financial security of senior citizens by offering them a safer and higher-yielding savings option.