Sri Lankan Businessman Summoned Over $400 Million Sapphire Amidst Political Threats

Thushara Perera, a prominent gem businessman in Sri Lanka, was summoned to the Presidential Secretariat to address political threats he has faced concerning a rare blue sapphire valued at over USD 400 million. Perera acquired the gemstone in 2017 and reported being kidnapped in 2018, allegedly due to disputes over its sale. The recent inquiry aimed to address these threats and ensure his safety.

Sri Lanka is renowned for its gem industry, particularly in regions like Ratnapura, known as the "City of Gems." In recent years, significant discoveries have been made, including the world's largest star sapphire cluster found accidentally in a backyard, estimated to be worth up to USD 100 million.

The government has been actively engaging with industry stakeholders to enhance the gem and jewellery sector. In August 2023, President Ranil Wickremesinghe emphasized the need for rapid development in the industry to boost annual export earnings, aiming for at least USD 2 billion.

The summoning of Mr. Perera underscores the challenges faced by gem traders in Sri Lanka, including security concerns and political pressures, highlighting the need for protective measures to ensure the industry's continued prosperity.