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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Sri Lanka aims to earn $1b from gem exports in 2022

Sri Lanka aims to earn $1b from gem exports in 2022

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skyfall


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

This will be really good for companies like RGEM.

https://www.thefinancialexpress.com.bd/economy/sri-lanka-aims-to-earn-1b-from-gem-exports-in-2022-1648209955

The Sri Lankan government aims to earn 1.0 billion US dollars from gem exports this year with steps being taken to increase the exports to more markets, local media reported Thursday. 
Minister of Industries S.B. Dissanayake was quoted as saying that the National Gem and Jewelry Authority was working to launch a system online in collaboration with the Department of Posts and Sri Lanka Customs to sell gems and jewelry worth less than $3,000 to international buyers. 
The minister said that with the launch of the online portal, more opportunities will be available for local gem exporters to get access to the international market. The move is part of the government's efforts to increase the country's foreign exchange, reports Xinhua. 
"The current export earnings of gems and jewelry are around $265 million per year. But through the use of this online method, we have the potential to increase our gem and jewelry export earnings to 1.0 billion," the minister said. 
According to official data, Sri Lanka's gem, diamond and jewelry exports in the first seven months of 2021 amounted to $183 million and the exports in 2020 totalled $211 million. 

skyfall


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

RGEM income mainly comes from exporting GEMS. Current PE is about 1.0

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