Gemfields will offer support to the Sri Lankan gemstone industry through its technical capabilities, proprietary grading systems and marketing methodologies. Once the supply chain is established, the gems will be offered to international buyers via Gemfields’ proven auction platforms, thereby adding value to Sri Lankan gemstone production, growing the sector and contributing to economic development.

Ian Harebottle, CEO Gemfields commented; “We are pleased to start this next phase of activity in the Sri Lankan gemstone industry. World famous for the quality of gemstones, we are optimistic we will be able to bring our proven-expertise to this already-established market for the benefit of local mining communities and the Sri Lankan gemstone industry”.

Gemfields Plc has stepped in to launch its gem trading and exploration in Sri Lanka very soon in a joint venture with East West Gem Investments (EWGI) abiding to government’s restrictions imposed on foreigners to get mineral mining licence in 2014 , officials of the company revealed at that time.

The UK company has acquired a 75% stake in three EWGI subsidiaries, holding 16 exploration licences covering diverse minerals, for US$400 000.

The Joint venture seeks to develop the broader exploration, mining and sorting infrastructure in Sri Lanka to promote a globally competitive gemstone sector, Mr Natarajan revealed.

Gemfields UK now declared an invitation through Ratnapura Lanka Gemstones PVT LTD, a subsidiary of Gemfields PLC, for expressions of interest with a view to setting up a supply chain in the Sri Lankan gemstone industry.

Expressing their concerns on the entry of the large UK company, several local gem traders, warned that the present traditional environmental friendly system of gem mining and trading in Ratnapura and the gem business of Sri Lankan’s will be greatly affected by the invasion of this company with exploration and gemstone experience achieved in Zambia and Mozambique.

When this firm starts digging gem mines in Ratnapura it will definitely deprive the local ordinary gem miners greatly affecting their occupation for generations, they said adding that they have lodged a complaint at the Sri Lanka Gem and Jewelry authority.

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