Record earnings from gem land auction
RECORD: The National Gem and Jewellery Authority earned the
highest income to date by realising Rs. 63,384,125 by selling all lots
of the Kaboka and Kattadeniya land allotments offered at the Paradise
Estate Gem land auction held at Kuruwita, Ratnapura recently, said the
Chairman of the National Gem and Jewellery Authority Hasitha
Each lot, 10 perches in the Kattadeniya allotment offered at the
auction was sold at Rs. 17,500,000 establishing another record in the
history of gem land auctions said, Tillakaratne.
A sum of Rs. 54,615,000 was received as the bid amount at this
auction. Sixty percent (60%) of this bid amount which works out to Rs.
32,700,000 has to be paid to the Land Reform Commission which has
ownership of the auctioned land and after setting off the taxes owed to
the Government and publicity expenses from the balance 40 percent
accruing to the Authority, the remainder will be used for the
development of the industry and the community engaged in the Industry
On the instructions of the Minister of Enterprise Development &
Investment Promotion Rohitha Bogollagama, the auction was held in a most
transparent manner enabling more and more people to participate in the
auction and to gain access to the gemming industry. The auction was
telecast live on ITN.
More land allotments in the Paradise Estate Gem Paradise are due to
be auctioned in the near future.