Sri Lanka Ends Diamond VAT, Adopts Cert Program
Sri Lanka’s cabinet ended its 15 percent Value Added Tax (VAT) on imports and trading of rough, cut and polished gemstones, diamonds and precious metals, reported the official Daily News on July 24.
“We have taken a bold step forward in the right direction to make Sri Lanka the hub in the gem industry,” said Rohitha Bogollogama, minister of advanced technology and national enterprise development. Additional incentives encouraging Sri Lanka’s mining sector will be added to the 2006 budget, she added.
Sri Lanka’s gem and jewelry industry is expected to surpass tea and apparel sector exports in the future.
The Sri Lanka Gem and Jewellery Association (SLGJA) said its in the process of introducing an internationally recognized quality certificate certifying the quality of gems purchased in Sri Lanka. Currently, certificates that are issued are not recognized internationally, reported the Daily News.
More: diamonds.net