President to address gem sector woes

Gem and jewellery traders who met President Mahinda Rajapaksa said they experience a down ward trend in trade.

They specifically pointed out that many industrialists were prone to illegal transactions.

Responding to their issues, the President said he is looking at reducing the 15 per cent income tax to 2.5 per cent.

They also pointed out about 5000 gem miners had emigrated to Madagascar to engage in the trade and requested the President to grant permission to carry a higher amount than at present. A further request was to grant facilities to travel up and down in Mihin Lanka at a reduced air fair.

Considering the requests made by the gem merchants, the President assured that he would take action to appoint a Consul General to Madagascar. The President also advised officials to establish a National Gem and Jewellery Authority branch in Ratnapura to facilitate trade.

The Government will also make arrangements to appoint a new Consul General for Madagascar.