Ceylon Sapphires Open New Avenues to Strengthen India–Sri Lanka Partnership

Sri Lanka and India have a partnership that extends beyond mere trade, grounded in centuries of cultural and civilizational connections. The collaboration with AIAI and WTC Mumbai has facilitated Sri Lankan business delegations to engage with Indian industry, uncovering fresh avenues for trade, investment, and tourism. Ceylon sapphires and the gemstone sector from Sri Lanka present substantial potential for value-chain partnerships with India's dynamic gems and jewellery industry.

Ms. Shirani Ariyarathne, Consul/Minister (Commercial) from Sri Lanka, expressed optimism about the participation of Indian businesses, particularly small and medium enterprises (MSMEs), at the upcoming Sri Lanka Expo 2027 in Colombo, aiming to further fortify the ties between the two nations.

Mangala Wijesinghe, Chairman and CEO of the Sri Lanka Export Development Board, highlighted Sri Lanka's robust economic growth of over 6% last year and a 6% surge in exports, reaching USD17.3 billion. He emphasized that the country's skilled workforce, strategic location, and thriving export ecosystem make it an appealing trade and investment destination.

Opportunities extend beyond gems and jewellery, encompassing automotive components, minerals, beverages, logistics, rubber-based products, tourism, education, wellness, and healthcare. The Indo–Sri Lanka Free Trade Agreement serves as a solid basis for businesses from both countries to deepen this partnership.

Prof. S.P. Chaminda, Chairman and CEO of Sri Lanka's National Gem and Jewellery Authority, envisioned Sri Lanka as the "sapphire capital of the world" and a reliable global provider of ethically mined gemstones. The focus is on enhancing ethical mining, licensing, testing, certification, hallmarking, and regulatory compliance. Encouraging domestic value addition, the authority promotes the export of cut and polished gemstones over raw stones.

Infrastructure projects like the Gem Tower in Demuwawatha, envisioned as an international gem and jewellery trading hub, will bolster Sri Lanka's standing in the global market.

Ms. Priya Pansare, Senior Director – Trade, Investment, and International Relations at World Trade Center Mumbai, underscored the escalating trade and economic relations between India and Sri Lanka. She encouraged increased exchanges of business delegations between the two nations, reaffirming WTC Mumbai's dedication to fostering meaningful industry linkages and bolstering bilateral cooperation in trade and investment.

The event gathered senior representatives from Sri Lankan trade and investment organizations, gem exporters, and members of the Indian industry to explore opportunities in gems and jewellery, manufacturing, tourism, education, healthcare, logistics, and various services. The discussions were complemented by presentations on investment prospects in Sri Lanka, followed by B2B meetings.