Illegal Chinese, Russian and Indian traders in gem and jewellery trade
Chinese, Russian and Indian tourists are seen disrupting the local gem and jewellery trade in Ratnapura and Beruwela areas, through illegal channels with no licence to sell gems in Sri Lanka or even holding a business visa.
The Sri Lanka Gem and Jewellery Association (SLGJA) has pointed out these issues to the National Gem and Jewellery Authority (NGJA) to immediately expedite and regularise the industry and provide an equal playing field for both local and foreign gem and jewellery traders, says Ajward Deen, Chairman of SLGJA.
Mr. Ajward told the Business Times that while the gem and jewellery industry in Sri Lanka is burdened with taxes and tight regulations, tourists from China, Russia and India are doing business without any tax or regulations to face with. “We have urged the NGJA for an equal level playing field for both locals and foreigners who are marketing our gem and jewellery to the counterparts in their respective countries. We have also requested the NGJA to monitor if the foreigners hold a valid license to sell gems in Sri Lanka. We have suggested a few regulations to be imposed to the NGJA and to implement a tax structure applicable to all,” said Mr. Ajward.
“While trading is also essential where foreign currency is coming into the country, we cannot afford to lose these important ties (with these three countries) at this time of economic recovery. But we also cannot encourage foreigners to capture our market,” noted Mr. Ajward.
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