Sri Lanka’s premier gem and jewellery exhibition, FACETS 2026, will return for its 32nd edition from 3 to 5 January 2026, unveiling a bold transformation at its new venue — The Forum, Cinnamon Life – City of Dreams. Organised by the Sri Lanka Gem & Jewellery Association (SLGJA), the event promises to blend the nation’s centuries-old gemstone heritage with modern innovation and sustainability.

Renowned globally as the “Island of Gems”, Sri Lanka has produced some of the world’s most prized sapphires, including seven of history’s ten most celebrated stones. SLGJA President Akram Cassim recalled how the inaugural FACETS in 1991, held at the Hilton Colombo with just 50 booths, has grown into the flagship platform of the local gem industry — a bridge between tradition and contemporary design.

This year’s exhibition will span two floors, offering an immersive “Mine to Market” journey, from master gem-cutting demonstrations to displays of rare varieties like the famed Padparadscha sapphire. The showcase will also highlight Sri Lanka’s sustainable mining practices, which ensure environmental preservation and community welfare.

FACETS 2026 Chairman Armil Sammoon described the industry as a “living heritage”, connecting miners, cutters, designers, exporters, and customers in a shared story of craftsmanship and authenticity. He noted that Sri Lanka remains one of the few nations where sapphires are both mined and masterfully crafted locally, making them highly sought after by luxury brands worldwide.

Beyond its role as a trade fair, FACETS has served as a launchpad for entrepreneurs who have gone on to exhibit in Bangkok, Hong Kong, Geneva, and Las Vegas. The 2026 edition will feature over 100 exhibitors, targeted buyer delegations, and special events including Sapphire Night, a Power Breakfast for Women of Influence, and High Tea Fashion Shows. Visitors can also experience interactive zones with virtual reality mine tours and displays of both historical and modern gem-cutting tools.

Hosting the event for the first time, Cinnamon Life CEO Sanjiv Hulugalle emphasised that the partnership goes beyond venue provision. Designed by the late architect Bill Bensley with sapphire-inspired elements, Cinnamon Life aims to deliver a multi-sensory experience that deepens international visitors’ connection to Sri Lankan craftsmanship and heritage.

As Sri Lanka seeks to strengthen its position in the global gem market, FACETS 2026 is poised to showcase not only the country’s extraordinary gemstones, but also its leadership in ethical, innovative, and world-class jewellery design.

The Credit Information Bureau of Sri Lanka (CRIB) has reported robust growth in 2024, unveiling a series of initiatives aimed at widening financial inclusion and modernising credit services. The developments were outlined at the Bureau’s Annual General Meeting (AGM) held under the theme “Data in Action, Change in Motion.”

Presided over by CRIB Chairman and Central Bank of Sri Lanka (CBSL) Deputy Governor J.P.R. Karunaratne, the meeting brought together representatives from all 64 shareholder financial institutions, underscoring the sector’s unified commitment to advancing Sri Lanka’s credit ecosystem.

The year under review saw the CRIB deliver a record 8.9 million credit reports, marking a 41% increase from 2023’s 6.3 million. The Bureau now holds 14.8 million active credit records, with 81% of Sri Lanka’s adult population—equivalent to 7.01 million individuals—featured in its database.

Director/General Manager Pushpike Jayasundera highlighted CRIB’s transformation from a traditional credit reporting body into a data-driven engine for financial empowerment. The credit database has expanded to over 17 million records, incorporating information from gold loans, margin trading, factoring, and even non-traditional sources such as utilities and telecom providers.

“Data, when harnessed responsibly, is one of Sri Lanka’s most valuable national assets,” Jayasundera noted. “Our mission is to use this asset to unlock greater financial inclusion, foster responsible lending, and build a resilient credit ecosystem.”

A major milestone in 2024 was securing regulatory clearance for the Secured Transactions Registry in partnership with the Finance Ministry and the CBSL.

This move will allow Micro, Small and Medium-sized Enterprises (MSMEs) and individuals to obtain credit by offering movable assets as collateral—a significant boost for businesses with limited fixed asset ownership. The Bureau also introduced advanced credit scoring models to better serve SMEs and revival lending efforts.

Public engagement surged, with self-inquiry reports—marketed as MyReport—recording a 176% increase, reflecting greater credit awareness and financial literacy among citizens.

On the technology front, CRIB strengthened its infrastructure through real-time integration with the Department for Registration of Persons, pursued ISO 8000 certification, and prepared for compliance with the upcoming Data Protection Act. These measures reinforce CRIB’s commitment to data accuracy, security, and governance.

Looking ahead, the Bureau plans to launch a mobile application enabling users to access their credit profiles, receive real-time alerts, and exercise greater control over their financial data. Officials said these initiatives will drive transparency, efficiency, and inclusion, supporting Sri Lanka’s journey toward a data-driven economy.

The AGM was attended by stakeholders including the Monetary Board of the CBSL, licensed commercial and specialised banks, finance companies, leasing establishments, and other lending institutions

The United States’ latest tariff hike has pushed its effective tariff rate to 17.3% — the highest since 1935 — making high trade barriers the new normal. While a 20% tariff rate offers Sri Lanka marginal relief compared to previous reciprocal rates, the overall impact remains severe, with the US maintaining high duties on key Sri Lankan exports.

According to estimates, nearly a quarter of Sri Lanka’s total exports will now face at least a 20-percentage-point tariff increase. This will raise the country’s trade-weighted effective tariff rate to 29.9%, up from just 10.2% in April 2025. Sri Lanka’s top US-bound products — wearing apparel and rubber goods — will be hit hardest, facing average tariffs of 36.8% and 20.2% respectively.

Economic modelling shows the fallout could be steep. Under the 20% tariff scenario, apparel exports to the US are projected to fall by 12.1% — or USD 221 million — compared to 2024 forecasts. The rubber sector could fare worse, with exports plunging by 42%. Across all industries, the estimated export loss amounts to USD 634 million.

The impact will ripple through labour markets, disproportionately affecting unskilled workers in apparel manufacturing, most of whom are women. Model-based projections indicate the sector could shed about 15,900 jobs.

Some exporters initially viewed the 20% tariff more favourably after comparing rates faced by competitors like Vietnam and Bangladesh. However, economists warn that higher consumer prices in the US may depress overall demand, as happened during the US-China tariff war in 2018, when most costs were borne by American consumers and importers.

While a portion of lost US market share could be redirected to Europe and the UK — slightly boosting apparel and rubber exports there — this would not fully offset the damage. The situation underscores the need for fresh trade negotiations.

Analysts say that if Sri Lanka could secure a 15% reciprocal tariff rate, the net loss to GDP could be erased, with a small 0.038% economic expansion possible, driven by apparel gains and reduced rubber sector losses. Such a deal could involve removing para-tariffs like CESS and PAL for US imports.

The removal of para-tariffs, however, carries mixed consequences. Imports of US soybean residuals — a key animal feed ingredient — could rise by 39.8%, potentially benefiting livestock and household nutrition. But cheaper meat and dairy imports from the US, projected to surge by over 60%, could erode domestic production and value addition.

Economic simulations suggest that para-tariff removal would only yield a net positive effect if the US reciprocal tariff rate is reduced to 10–15%. Without such concessions, Sri Lanka risks absorbing the economic shock without adequate compensation from trade gains.

The Sri Lanka Embassy in Ethiopia, which also serves as the Permanent Observer Mission to the African Union and the UN Economic Commission for Africa, participated in the Second United Nations Food Systems Summit Stocktaking Moment (UNFSS+4) held at the UNECA Headquarters in Addis Ababa. The 2025 summit brought together over 3,000 global participants to review progress and renew commitments towards transforming food systems.

The Embassy prepared a comprehensive report capturing key statements, discussions, and recommendations from the summit, identifying their relevance to Sri Lanka’s national priorities under the “A Thriving Nation – A Beautiful Life” policy framework. Highlighted initiatives include school meal programmes, rice fortification, fertilizer supply strengthening, irrigation development, climate-smart agriculture, women’s empowerment, youth involvement in agribusiness, and digital innovation in agriculture and fisheries.

The Embassy noted that summit insights could guide targeted public and private sector investments in priority areas such as sustainable aquaculture, smallholder agribusiness, high-yield seed production, and smart agriculture technologies.

Emphasising UN Secretary-General António Guterres’ call to action—“The future of food is the future of humanity”—the Embassy underscored the importance of inclusive, resilient, and sustainable food systems to achieve the Sustainable Development Goals by 2030. The outcomes of UNFSS+4 will feed into key global events, including the World Social Summit, UNFCCC COP30, and the 2027 SDG Summit.

Sri Lanka Customs has launched the Customs Document Notification System (CDNS), a web-based service aimed at improving transparency, accessibility, and efficiency in the clearance process.

The platform allows Consignees and Declarants to track the real-time status of Customs declarations and cargo movements, providing greater visibility and accountability. Officials say the initiative is designed to empower stakeholders, enhance compliance through direct feedback, and ensure timely updates.

The launch marks the completion of Phase 1 of the Automated Risk Management System Project, part of Customs’ broader digital transformation. The CDNS, developed by Creative Web Technologies — selected through a competitive bid among eight local software developers — sets a new benchmark for trade facilitation in Sri Lanka.

Customs officials emphasised that CDNS is not merely a tracking tool but a transparency-focused platform to foster proactive engagement and strengthen trust between Customs and the trading community.

Large-scale renovations of the Sri Lanka Parliamentary Complex have commenced for the first time in more than four decades, following Cabinet approval and under the direction of Speaker Dr. Jagath Wickramaratne.

Current work includes removing the soil layer from the concrete roof terrace and conducting structural repairs, along with upgrades to the roof gutters, copper doors, Parliament Medical Centre, washrooms, and Members’ Dressing Room.

While minor maintenance in the past was handled by the Engineering Department, these extensive renovations are being carried out with the labour support of the Sri Lanka Army.

Buddha Sasana, Religious and Cultural Affairs Minister Prof. Hiniduma Sunil Senevi announced that the Government has decided to establish a special day for all Sri Lankans to celebrate together, regardless of ethnic, religious, or cultural differences.

The day, officially named “Sri Lankan Day,” is expected to be celebrated for the first time before the end of this year, most likely in December.

Speaking at a media briefing in Kandy, the Minister said President Anura Kumara Dissanayake had long envisioned such a day of unity. Consultations were held across various regions to gather public views and suggestions before finalising the decision.

He added that the Government, backed by a strong public mandate for the National People’s Power, is committed to meeting public expectations, noting that economic stability is improving, foreign reserves are rising, and the country is on the right path.

“The defeated opposition, unable to find faults in the Government, is attempting to stir up issues based on ethnicity and religion. But our focus is on uniting people under one identity and one nation,” the Minister said.