The value of the Ceylon jems

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 Sri Lanka or Ceylon is the one of the best natural gems found in the world. Ceylon has longest history about the gem marketing.  In the present situation lot of bid gems found in Ceylon but the main problem that  the gems can not sell in the out side. The government of the Ceylon implemented the new taxes for the gem market that affected for the gem industry falling down.

Members of the Sri Lanka Gem and Jewellery Association issue a dire warning of severe harm due to the imposition of an 18% VAT on the import of precious rough stones and the local sale of gem-studded jewelry to tourists starting on January 1, 2024. 

They lament that the government does not comprehend how the gem and jewelry industry functions.Let's say that rough stones are imported for commercial purposes to account for 70% of value added exports.

SL runs the risk of losing its highly skilled local workforce to other countries, particularly to burgeoning gem and jewelry hubs like Dubai and more established locales. Hong Kong and Bangkok

Due to lower VAT rates than rival sources like Thailand (7%) and Dubai (3-5%), India (3%), and Dubai (7%), SL will become less competitive.

SL brings in about $500 million in exports, but almost $1 billion is made from tourists.

Industry claims that charging sales tax to visitors violates the basis of taxation and warns that this will have an adverse effect on tourism.

Taxation occurs when exports rise by 16% and consumers switch from purchasing diamonds to valuable colored stones.

Local jewelers claim that 18% VAT will have an effect on sales to expatriates and migrants from Sri Lanka who view the country as a reliable, affordable, and high-quality source.

Industry rejected a different proposal to tax simply the value-added component.
Predictions state that the gem and jewelry business will decline or move to the black market, significantly reducing the amount of money already collected in income taxes.

The president Mr. Ranil also told to media to in future try reduce the tax from the gem market. The main problem to achieve thet  the Sri Lankan economy down. 

The gem marketers hoping to develop the industry will get of the government healp. 

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