BIZ

US demand for Sri Lankan gems drops

Published

1 year ago

September 7, 2023

editor

The demand for Sri Lankan gems from the US has dropped rapidly due to the current economic downturn in the US, the National Gems and Jewellery Authority said.

Nevertheless, the revenue generated from the export of gems, jewellery and diamonds has increased significantly compared to previous years with the increase in the value of the US Dollar.

Accordingly, an income of USD 53.88 million was earned from the export of gems, jewellery and diamonds to the US in 2022, which is the highest income from the exports recorded after the Covid-19 pandemic.

The country received an income of about USD 34.5 million by exporting gems, jewellery and diamonds to Thailand last year.

During the period from January to August 25 this year, about USD 330 million have been earned from the export of gems, jewellery and diamonds, which is a 30% growth compared to last year.

The National Gems and Jewellery Authority further said that despite the increase in income, the demand for Sri Lankan gems, jewellery and diamonds has decreased.

BIZ

Prof. Hareendra Dissabandara returns as SEC Chairman

Published

11 hours ago

October 8, 2024

editor

Senior Professor Hareendra Dissabandara has been appointed as the new Chairman of the Securities and Exchange Commission of Sri Lanka (SEC).

He had previously served as SEC Director General from 2012-2013 as well as its Director of Financial Services Academy and Capital Market Education and Training Division from 2008-2012.

Dissabandara is a Senior Professor of Finance and Corporate Governance in the Department of Finance of the Faculty of Management Studies and Commerce at the University of Sri Jayewardenepura.

Prof. Dissabandara takes over from Faizal Salieh, who was appointed to the post by former President Ranil Wickremesinghe in 2023 February.

BIZ

Import tax on potatoes & big onions upped

Published

2 days ago

October 6, 2024

editor

The Ministry of Finance has announced an increase in the special import tax on potatoes and big onions.

The import tax on potatoes has risen by Rs. 10 per kilogram, from Rs. 50 to Rs. 60. Similarly, the import tax on big onions has been raised by Rs. 20 per kilogram, from Rs. 10 to Rs. 30.

These measures have been implemented to regulate imports and support local agriculture.