Sri Lanka’s gem and jewelry industry stands at a critical crossroads as the country works to strengthen exports, rebuild foreign exchange reserves and restore global confidence following recent economic challenges. Long celebrated for its sapphires and rare coloured gemstones, the sector now faces the urgent task of modernizing trade practices while preserving its heritage-driven strengths.
Global competition in the coloured gemstone market has intensified, with emerging and established producers alike investing heavily in branding, traceability and buyer engagement. While Sri Lanka continues to enjoy a reputation for quality and ethical sourcing, the industry must adapt to changing buyer expectations that prioritise transparency, consistency and efficient access to markets.
One of the industry’s pressing challenges is fragmentation. Many traders and miners operate independently, limiting their ability to attract large-scale international buyers or meet evolving compliance standards. In addition, fluctuating global demand and rising operational costs have increased pressure on exporters to improve efficiency and visibility.
Against this backdrop, FACET has emerged as a key enabler in strengthening the industry’s collective competitiveness. By facilitating structured platforms, trade engagement and coordinated market access, FACET helps bridge the gap between local stakeholders and global buyers. Its role supports smoother transactions, improved market intelligence and stronger alignment with international best practices.
Events such as Gem Sri Lanka 2026 demonstrate how this facilitation-driven approach can translate into tangible results. Large-scale exhibitions provide a unified showcase of Sri Lanka’s gemstone diversity and quality, allowing buyers to engage directly with trusted suppliers in a transparent, professional environment. This not only enhances buyer confidence but also positions the country as a reliable long-term sourcing destination.
Beyond trade promotion, FACET’s contribution lies in encouraging collaboration across the value chain from miners and cutters to traders and exporters. Such coordination helps improve quality standards, promote ethical sourcing and support value addition, all of which are essential for sustaining premium pricing in global markets.
The timing is particularly significant. As Sri Lanka seeks to increase non-debt foreign exchange inflows, the gem and jewelry sector represents a high-value, low-volume export opportunity with strong global demand. Strengthening institutional support and facilitation mechanisms allows the industry to maximise this potential without compromising its traditional identity.
Looking ahead, the success of Sri Lanka’s gem industry will depend on its ability to balance heritage with innovation. With facilitation platforms like FACET enabling access, credibility and scale, the sector is better positioned to move beyond transactional trade and towards long-term global partnerships.
In an increasingly competitive global marketplace, structured facilitation is no longer optional. For Sri Lanka’s gem and jewelry industry, it is a strategic necessity and one that could define its next chapter of growth