Sri Lanka, Aug. 15 -- Chinese involvement in Sri Lanka's gemstone industry is causing significant revenue losses to the island nation's crisis-ridden economy and impacting local businesses, according to an article in The Financial Post.

Chinese nationals have allegedly exported gems worth approximately 30 billion rupees from Sri Lanka, as part of smuggling operations that deprive the country of precious tax revenue and pose a serious threat to legitimate businesses, the article states.

It highlights that recently, the Colombo High Court seized over LKR 201 million from the bank account of a Chinese businessman linked to a decade-long smuggling and money laundering operation.

Sri Lanka Customs officers also caught a Chinese national and...