The National Gem and Jewellery Authority (NGJA) has announced a revision to the taxation methodology for importing rough gemstones, aiming to provide relief to industry stakeholders and support the country’s goal of achieving $1 billion in annual gem export earnings.
Speaking during a press briefing at the Department of Government Information, the Chairman of the NGJA, S.P. Chaminda stated that the revised measures will offer significant assistance to gem importers.
During the press briefing, the NGJA Chairman explained the details of the new system:
“We have taken steps to provide greater relief to importers by changing the method used to calculate Value Added Tax (VAT) on gem imports. Under our new proposal, a fixed value will be assigned to each imported parcel.”
For precious stones such as rubies, sapphires, and emeralds, the value is estimated at around $900 per kilogram, and VAT will be calculated based on that amount. Furthermore, the previous $200 customs charge has been removed under this system, he added.
