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| Sunday, 15 February 2004 |
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Business |  |
| News Business Features Editorial
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Incentive for Madagascar - bound gem dealers by Elmo Leonard Gem dealers who travel to Madagascar to purchase gemstones, to keep alive the local export-oriented gem and jewellery industry, are now entitled to foreign exchange advances of $ 15,000, per visit. Earlier, with the budget, the import of rough and cut and polished gemstones were exempt from duty and Value Added Tax (VAT). Around 500 gem dealers travel to Madagascar each month to purchase gemstones from that destination, Director General of the National Gem and Jewellery Authority (NGJA), T. Piyadasa, said. The authorities encourage more local gem dealers to purchase their gemstone requirements from that emerging African destination. There is an acute shortage of gemstones needed to boost the local gem and jewellery industry, which recorded exports of Rs. 8.5 billion in 2002 and Rs. 7.3 billion last year. While NGJA and all other bodies concerned with gems and jewellery are endeavouring to step up the mining of gemstones here, the new emerging Madagascar destination is new revealing that she has more varieties of coloured precious gemstones than even Sri Lanka. Gem dealers travelling to Madagascar could obtain this foreign exchange entitlement from all banks authorised by the Central Bank. Of the $15,000 allowed, a maximum of $5000 will be in the form of currency notes and the balance as travellers cheques or bank drafts. The dealer is required to account for purchases on return within 45 days and, to the bank, within 60 days, Piyadasa said. |
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