Sri Lanka, Nov. 25 -- The government has introduced a series of regulatory measures to support and modernize the country's gem industry, following approval by the Cabinet of Ministers.

Under a resolution presented by the President in his capacity as Minister of Finance, Plan Implementation, and Economic Development, new orders and regulations have been enacted to simplify taxation and customs procedures for gemstones.

Key measures include:

Weight-Based VAT for Gems: Genuine and semi-genuine gemstones imported into the country will now have Value Added Tax calculated based on their weight, as per an order under Section 6 of the VAT Act No. 14 of 2002 (Extraordinary Gazette No. 2461/43, dated 07.11.2025).

New Customs Codes: The Revenue ...