Category: Daily Financial Times

The third edition of Gem Sri Lanka, a major showcase of the country’s high-quality stones and craftsmanship, kicked off yesterday in Colombo, bringing together top exhibitors, designers, and buyers from across the world.

Organised by the Ceylon Gem and Jewellery Traders Association (CGJTA), the international event, themed ‘The Source. The Production. The Selection,’ will take place from 7-9 January at Shangri-La Colombo. The annual event aims to provide a dedicated platform for trade engagement, sourcing, and industry networking, with a focus on Sri Lanka’s role as a key source country in the global gemstones sector.

The opening ceremony drew key industry stakeholders, including Prime Minister Dr. Harini Amarasuriya as the Chief Guest, Deputy Speaker Rizvie Salih, Ministers, Ambassadors, and local and international exhibitors and buyers. Attendees explored over 100 stalls showcasing the country’s gemstone and jewellery offerings.

Addressing the opening ceremony, the Prime Minister noted recent changes to the regulatory framework aimed at strengthening the gem and jewellery sector, highlighting that Trade and Industry Minister Sunil Handunneththi had further outlined plans to position Sri Lanka as a hub for the industry, ‘not just in this region, but globally.’ She expressed confidence in the sector’s capacity and skills to support that ambition.

Dr. Amarasuriya also emphasised that the industry continued to be a significant contributor to foreign exchange earnings, employment, and value-added exports, while highlighting the global reach of Sri Lankan craftsmanship and opportunities the sector offered in areas such as cutting, designing, branding, tourism, and responsible sourcing.

She added that exhibitions such as Gem Sri Lanka played an important role in advancing these goals, stressing the need to ensure that sourcing remained ethical, responsible, and environmentally sustainable.

Sri Lanka is internationally recognised for its deposits of sapphires, rubies, and other coloured gemstones. Gem Sri Lanka 2026 is positioned to highlight these resources while facilitating direct interaction between local suppliers and international buyers.

The event includes curated showcases of fine stones and finished jewellery and live demonstrations related to cutting, polishing, and design.

In addition to the exhibitions, the program also includes ‘Gala 2026 – Brilliance and Beyond,’ a networking space to bring together traders, buyers, and industry leaders in an informal setting.

The event also marked the launch of ‘The Sapphire Legacy,’ a publication documenting Sri Lanka’s gemstones heritage and its historical role in the global trade.

Gem Sri Lanka Chairman and CGJTA Vice Chairman Hilmy Cassim said the exhibition had grown significantly since its inception, expanding its international reach and standards. He noted that the exhibition was moved from Beruwala to Colombo to reflect the growing ambition of the industry and bring it closer to international markets.

‘Gem Sri Lanka has become a place for young exhibitors and emerging leaders. Behind the scenes, a dedicated young team is driving innovation, learning from seasoned experts and being mentored to take our industry forward,’ he added.

Highlighting that gemstones were Sri Lanka’s oldest export product and had long served as a foundation for the country’s trade relations, CGJTA Chairman Rizwan Nayeem said that, within three years, Gem Sri Lanka had become ‘the largest presentation of fine-coloured gemstones in the whole of South Asia,’ crediting Government support, exhibitors, buyers, and young talent for the exhibition’s growth.

Nayeem also described recent policy changes on gemstone importation as ‘a gamechanger’ for the industry, adding that the reforms were expected to significantly increase the volume of gemstones entering Sri Lanka.

Gem Sri Lanka is organised by the CGJTA, the largest trade body in the gem and jewellery industry in Sri Lanka, representing over 2,000 members.

In the wake of Cyclone Ditwah, which affected more than 1 million people across Sri Lanka, the Export-Import Bank of Korea (Korea Exim) has pledged $ 50,000 in humanitarian assistance to Sri Lanka through the Korea Red Cross.

The support, provided in response to a request made by President Anura Kumara Dissanayake, is intended to deliver immediate relief and assist recovery operations following the widespread devastation caused by the cyclone.

Korea Exim Bank Chairman and CEO Kiyeon Hwang, conveying his condolences to President Dissanayake, emphasised that the Exim Bank deeply values its longstanding partnership with the Government of Sri Lanka.

He further stated that the institution stands in solidarity with Sri Lanka and is pleased to extend this assistance to help restore essential public facilities and provide relief to affected families currently sheltered in temporary accommodation.

With this contribution from the Korea Exim Bank, the total humanitarian assistance extended by the Republic of Korea to Sri Lanka now amounts to $ 550,000.

Dialog Television announced that it has secured the exclusive media rights in Sri Lanka for all International Cricket Council (ICC) events from 2026 to 2028, alongside a free-to-air broadcast collaboration with TV Supreme.

This landmark agreement positions Dialog Television as the official Pay-TV broadcaster of ICC events in Sri Lanka, covering all major tournaments across Men’s, Women’s, and Under-19 formats. The rights include the ICC Cricket World Cups and T20 World Cups for both Men and Women, the ICC World Test Championship Final, and other ICC-sanctioned international events during the 2026-2028 period.

Dialog Television also holds the exclusive OTT and mobile streaming rights for ICC events in Sri Lanka, enabling fans to follow the action across smartphones, tablets, and connected devices. Supported by Dialog’s high-speed mobile network and expanding 5G capabilities, this ensures a smooth, high-quality viewing experience, allowing fans to enjoy ICC matches seamlessly via the Dialog ViU+ app, wherever they choose to watch.

Complementing its Pay-TV coverage, Dialog Television has partnered with TV Supreme as the official free-to-air (FTA) broadcast partner in Sri Lanka, ensuring nationwide access to ICC events. TV Supreme is a fast-growing free-to-air television network with an established presence in cricket broadcasting.

ICC CEO Sanjog Gupta said: ‘The ICC’s endeavour is to grow the game and is committed to widening the on-screen access fans have to the sport’s pinnacle events. This new partnership between Dialog Television and TV Supreme represents a significant step towards that goal, taking the game to the widest possible audience across Sri Lanka. With Sri Lanka co-hosting ICC Men’s T20 World Cup this year and the ICC Women’s Champions Trophy next year, we hope that the expanded visibility will exponentially galvanize passion for the sport and inspire a new generation of cricket fans.’

Dialog Axiata Director/Group CEO Supun Weerasinghe said: ‘Cricket holds a special place in Sri Lanka, bringing families and communities together and creating moments that are shared across generations. Securing the exclusive ICC media rights from 2026 to 2028 reflects Dialog Television’s long-term commitment to shaping how Sri Lankans experience the world’s biggest sporting moments. Together with TV Supreme, our free-to-air broadcast partner, we are building an inclusive viewing experience that ensures global cricket is accessible to fans across the island.’

Supreme Global Holdings CEO Thambithurai Lokeshwaran said: ‘Cricket sits at the heart of our long-term vision and commitment to universal access. Our consistent delivery of premium cricket content-across domestic competitions and the world’s leading international events-has earned the trust of audiences, partners, and rights holders. Partnering with Dialog as the free-to-air broadcaster for ICC events reflects our shared purpose. We look forward to bringing the ICC World Cups of 2026, 2027, and 2028 to every Sri Lankan household, strengthening inclusion, connection, and national progress through sport.’

This milestone further strengthens Dialog Television’s sports broadcasting portfolio and reinforces its position as Sri Lanka’s leading platform for global cricket content. By securing exclusive ICC media rights for the 2026-2028 period, Dialog Television continues to expand the way international cricket is brought to Sri Lankan audiences.

Public Security Minister Ananda Wijepala this week told Parliament that emergency regulations are expected to remain in force for a further two months.

He said the extension is required as the Government proceeds with relocating families displaced by Cyclone Ditwah. Wijepala noted that resettlement in certain areas will depend on approvals from the National Building Research Organisation, which must assess ground conditions before displaced residents can return.

The Government yesterday acknowledged a steady decline in foreign employment opportunities in the Republic of Korea over the past three years, citing policy shifts, employer concerns and illegal overstays as key factors, while outlining ongoing diplomatic efforts to secure relief for more than 10,000 Sri Lankan job seekers awaiting placement.

Responding to a question raised by Opposition Leader Sajith Premadasa under Standing Order 27(2), Foreign Affairs, Foreign Employment and Tourism Minister Vijitha Herath provided a detailed breakdown of bilateral employment arrangements, job categories, trends and challenges facing Sri Lankan workers seeking overseas employment.

The Minister said Sri Lanka currently has bilateral Government-to-Government (G2G) employment agreements with Israel and the Republic of Korea. Under the Korean Employment Permit System, the maximum number of jobs allocated to Sri Lanka in the manufacturing sector for 2025 stands at 6,800, while job quotas for other sectors have not been formally specified.

He said approved job categories for Sri Lankan workers under Korean-linked recruitment schemes include manufacturing, fishing, construction, shipbuilding and service sectors.

Presenting data from the Sri Lanka Bureau of Foreign Employment, the Minister revealed that total departures for Korean jobs peaked in 2022 at over 16,000, before declining to 10,202 in 2025. Government-facilitated departures fell from 6,639 in 2022 to 3,712 in 2025, while those leaving through private agencies and other means declined from 9,745 in 2023 to 6,490 in 2025.

The Minister said that while no formal studies have been conducted, the Bureau has identified several contributing factors for the decline, including political and economic changes in South Korea, instability affecting labour demand, the number of Sri Lankan workers overstaying illegally, and negative employer perceptions linked to frequent job changes by Sri Lankan workers.

Addressing concerns over job seekers automatically being removed from the Korean recruitment website after two years, Herath said the process is governed by the 2004 Memorandum of Understanding between the two countries. The two-year retention limit applies uniformly across 17 labour-sending countries, and registration does not guarantee job placement. Despite repeated discussions, Sri Lanka has been unable to secure Korean agreement to extend the retention period.

However, he said diplomatic-level discussions are continuing. Talks with the Director of the Korean Human Resources Development Institute (HRDI) have focused on the sharp fall in employment contracts in 2025, particularly in the service sector. As an interim relief measure, authorities have agreed to explore placing qualified service-sector candidates under the manufacturing category.

The Minister also disclosed that only 32 shipbuilding contracts were issued in 2025, while 1,391 candidates remain registered under that category as of 1 January 2026. Given the low probability of placement, steps have been taken to migrate eligible shipbuilding candidates to the manufacturing category within the next month.

As of January 2026, the total number of Sri Lankan job seekers registered on the Korean HRDI website stands at 10,122, including 5,820 in manufacturing, 2,518 in services, 1,391 in shipbuilding, 343 in fishing and 50 in construction.

Herath said the Government has intensified engagement with Korean authorities, including a recent high-level Sri Lankan delegation visit to South Korea, to increase job allocations in the first quarter of 2026. Planned initiatives include employment promotion programmes in collaboration with the Sri Lankan Embassy in Korea, factory-level outreach and direct engagement with employers to showcase the skills and reliability of Sri Lankan workers.

On diversification of overseas employment markets, the Minister said details of new G2G agreements signed by the current Government have been provided in a separate annexure.

Responding to a separate query on Sri Lankans who passed the 2014 examination under the Italy G2G agreement signed in 2011, Herath said placements have stalled due to a lack of Italian organisations willing to recruit Sri Lankan workers. He said Sri Lanka is now working towards a fresh Memorandum of Understanding with Italy and continues to engage potential employers through the Sri Lankan Embassy in Rome, though placements so far remain extremely limited.

The Sri Lankan rupee continued its depreciating trend against the US dollar yesterday, with the currency weakening to the Rs. 310 level against the greenback for the first time since February 2024, based on the indicative spot rate published by the Central Bank of

Sri Lanka (CBSL).

The CBSL reported the USD/LKR spot rate at Rs. 310.02. The buying rate of the US dollar was recorded at Rs. 306.28, while the selling rate stood at Rs. 313.81.

The rupee depreciated by 5.6% in 2025, reversing strong gains recorded over the previous two years. The currency appreciated by 12.1% in 2023 and 10.7% in 2024, a period when import controls were tights and a ban on vehicle imports was in force. The rupee began to depreciate in early 2025 after the vehicle import ban was lifted.

Vehicle imports recorded the second-highest monthly value for 2025 of $ 281 million in November, with highest being $ 286 million in September. Cumulative vehicle imports reached $ 1.7 billion in the first 11 months of 2025.

Sri Lanka began their final preparations for the T20 World Cup next month on a sorry note when Pakistan beat them by six wickets in the first T20I to go one one-up in the three-match series at the Rangiri Dambulla International Cricket Stadium yesterday.

It was a commanding all-round performance by Pakistan as they executed their plans with clinical precision. From winning the toss to closing out the chase, they controlled the game at every stage. The new-ball pair of Mohammad Wasim and Salman Mirza struck early, removing Sri Lanka’s openers inside the powerplay and immediately putting them on the back foot. Under sustained pressure, Sri Lanka never found rhythm or stability, with partnerships failing to take shape and wickets tumbling at regular intervals. Their innings slowly fizzled out at a below-par 128 – a total that never looked threatening.

In reply, Pakistan approached the chase with clear intent, the openers attacked from the outset to seize early momentum. Sahibzada Farhan provided composure and control through the middle overs as he notched up his fifty off 36 balls (4 fours, 2 sixes) to put Pakistan in further control. Pakistan lost a few wickets in the middle overs, but got home within 16.4 overs, completing an authoritative win.

For Sri Lanka, it was case of another sorry batting debacle which has become part and parcel of the current T20 side. Despite all the work ethics that take place during training nothing of it is transferred into the middle during a match.

The way Sri Lanka are playing the shortest format there seems to be a vast gap between them and the top teams in this format. Sri Lanka are a side struggling to put sufficient runs on the board and yesterday the wicket was doing a bit for the bowlers after being under covers due to the inclement weather. Pakistan seized the opportunity and had no hesitation in inviting Sri Lanka to bat first. The conditions did suit their seamers early on with the moisture on offer but it was wrist spin that undid Sri Lanka.

The batsmen struggled and the Pakistani bowlers were up to the mark not giving anything away easily. Sri Lanka did well to claw their way back, considering the hole they found themselves in at the midway point but finished with a mediocre total despite the fight back in the middle overs.

Reduced to 72-5, the innings was wobbling poorly before Janith Liyanage and Wanindu Hasaranga came together to provide some much-needed stability adding 38 off 23 balls. Hasaranga chipped in with a brisk cameo before falling, while Liyanage held the innings together, batting into the 18th over for his pivotal contribution of 40 off 31 balls (2 fours, 1 six). However, wickets continued to tumble in the closing stages, preventing any late surge and Sri Lanka eventually limped to a modest total, failing to play out their full quota of overs.

It was a thoroughly disciplined effort from the Pakistani bowlers, who operated as a unit and rarely let the pressure slip at any stage. Salman Mirza and Abrar Ahmed picked three wickets each and were the standout performers for Pakistan. Shadab Khan with 2/25 in his comeback game took the Player of the Match award, Mohammad Wasim, a couple of wickets at an excellent economy and Salman Mirza were also tidy.

The Finance Ministry yesterday said it has signed a bilateral agreement with the Federal Republic of Germany to restructure external debt amounting to pound 188 million, marking a further milestone in Sri Lanka’s ongoing debt restructuring process.

The Ministry said entering into the Agreement on Debt Restructuring between the Federal Republic of Germany and the Government of the Democratic Socialist Republic of Sri Lanka reflects the Government’s continued commitment to conclude the external debt restructuring process successfully in order to restore debt sustainability and revamp the economy.

Following bilateral discussions after the conclusion of the Memorandum of Understanding (MoU) with the Official Creditor Committee, the Federal Republic of Germany has agreed to extend a debt relief measure by rescheduling Sri Lanka’s outstanding debts.

The bilateral agreement was signed by Treasury Secretary Dr. Harshana Suriyapperuma on behalf of the Government of Sri Lanka and German Embassy Chargé d’Affaires a.i. Sarah Hasselbarth on behalf of the Federal Republic of Germany.

The Finance Ministry said the estimated rescheduled debt under the agreement amounts to pound 188 million.

It added that entering into the agreement will pave the way to further developing the deep and longstanding bilateral relationship between the Federal Republic of Germany and Sri Lanka, while extending sincere appreciation to the German Government for its continued support and cooperation.

Seylan Bank recently reinforced its support of the nation’s small and medium enterprises (SME) sector with its second SME program in the North Central region.

Hosted at Hotel Mahanuge in Polonnaruwa, the initiative is the latest chapter in a series of developmental forums focused on improving financial literacy among small and medium enterprise owners in the area and supporting them with practical knowledge to manage and scale their operations.

Organised and managed by Seylan Bank, the full day session was designed according to the specific needs of the region. The forum covered a seminar on financial and tax management, providing clear guidance on managing business finances, maintaining compliance, and planning for sustainable growth, addressing how entrepreneurs could scale their businesses under their specific circumstances.

Seylan Bank’s Assistant General Manager – Marketing and Sales Asiri Abhayaratne said: ‘Developing financially informed entrepreneurs is the key to strengthening the SME sector and supporting regional business development. As a socially responsible bank, we will continue to deliver similar knowledge-based platforms for SMEs across the country.’

Seylan Bank, having partnered with numerous organisations with the shared goal of elevating the SME sector, has been conducting several similar events across Sri Lanka. As advocates for transformation and empowerment, the SME-focused capacity-building programs aim to help business owners access information, financial tools, and advisory support required for long-term business stability.

A fresh chapter in Sri Lankan travel is unfolding as TONIK has unveiled a renewed vision that places culture, storytelling, and design at the heart of exploration.

Founded under Acorn Group, one of the region’s most diversified conglomerates with deep-rooted presence across aviation, travel, logistics, leisure, insurance, and education in multiple Asian markets, the brand represents the Group’s commitment to elevating Sri Lanka’s tourism with depth, global insight, and long-term purpose.

Built on the Group’s decades of expertise in moving people, products, and experiences across borders, TONIK embodies Acorn’s belief that every destination carries a soul. The brand’s mission is to translate that soul into curated hospitality experiences that drive value for property owners, meet evolving global traveller expectations, and elevate Sri Lanka onto the world stage.

Acorn Group partner Harith Perera said: ‘Sri Lanka’s tourism story is rich, diverse, and waiting to be told in ways that resonate with the world’s most discerning travellers. TONIK’s philosophy of ‘Every Stay Is a Story’ aligns with the broader evolution of our industry, where authenticity, culture, and meaningful experiences are no longer optional but essential. Sri Lanka’s unique narrative, shaped by community, craft, and history, deserves platforms that elevate its voice globally. We believe TONIK’s design-led, culturally rooted approach will not only strengthen the island’s appeal but also create sustainable value for communities, property owners, and the nation’s tourism ecosystem as a whole.’

Having the philosophy ‘Every Stay Is a Story’, at its core, TONIK views villas and boutique hotels not as commercial assets but as living narratives. Each property is treated as a character shaped by architecture, memory, craft, and community. This positioning addresses a real market gap: while Sri Lanka features exceptional, independent villas, many struggle with visibility, positioning, and global reach. TONIK resolves this by identifying, preserving, and amplifying each property’s distinct value proposition, transforming uniqueness into revenue-generating potential for owners.

TONIK CEO Sundararajah Kokularajah said: ‘With TONIK, we believe Sri Lanka stands on the cusp of a renaissance. Our island holds an abundance of untouched potential, stories waiting to be discovered, traditions waiting to be preserved, and experiences waiting to be shared. TONIK’s mission is to unlock this potential with sensitivity, creativity, and innovation. By nurturing our properties as living narratives and honouring the communities that sustain them, we aim to shape a new chapter for tourism, one that is authentic, future-ready, and deeply Sri Lankan.’

For property owners, TONIK provides a significant advantage: Acorn Group’s intelligence and influence in key tourism demand markets. With strong networks across the Maldives, Middle East, Europe, and Asia, supported by its aviation, travel, and logistics subsidiaries, the Group understands traveller behaviour with precision. This includes High-Net-Worth (HNW) travel patterns, where Acorn maintains a strong market share through its operations in the Maldives. TONIK is built on this knowledge, ensuring Sri Lanka is positioned not just to compete, but to expand into new market segments by building confidence and consistency similar to world-leading destinations.

As global travel trends shift toward intentional, slow, and meaningful experiences, TONIK is designed to meet this demand head-on. The brand blends design, service, and technology-enabled personalisation to create richness and emotional resonance, qualities highly sought by modern boutique travellers and HNW guests alike.

Looking ahead, TONIK envisions a tourism future where every property becomes a portal into the island’s culture, its communities, craftsmanship, and untold stories. With the strength of the Acorn Group, future-ready frameworks, and a commitment to innovation, TONIK is set to become the next Sri Lankan hospitality brand reaching the global stage.

Redefining Sri Lanka’s leisure sector, shaping the future needs of global travellers, and building capabilities on par with world-class players, TONIK is on a path to becoming a globally recognised villa brand.