The Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka organized an awareness program for the gem and jewellery sector on “Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Compliance Obligations and New Developments” on July 04, 2023. The keynote address was delivered by Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka/Chairman, National Coordinating Committee on AML/CFT, and Mrs. J M Thilaka Jayasundara, Secretary to the Ministry of Industries, Mr. Viraj De Silva, Chairman of the National Gem and Jewellery Authority (NGJA). Mr. Ajward Deen, President of Sri Lanka Gem & Jewellery Association (SLGJA) and Mr. U G Chandrasena, President, Lanka Gem Dealers and Miners Association also graced the occasion. The event was participated by over 100 participants from the industry.
The industry of gems and jewellery, and precious metals and stones is a key contributor to the Sri Lankan economy. Sri Lanka is the ninth largest exporter of precious stones to the global market and one of the five most important gem bearing nations of the world. Sri Lanka is also one of the world’s steadiest suppliers of top-quality gemstones. However, Sri Lanka’s export contribution to economy is yet to match the other global stakeholders such as Thailand, which is an international trading hub for gem and jewellery and generates around US$ 12 billion in export revenue, Hong Kong, which notches US$ 30 billion. As per the Central Bank Annual Report 2022, Sri Lanka earned US$ 450 million as export income from gems, diamonds, and jewellery during 2022 while the annual average for the past 5 years was US$ 298 million.