According to Chanaka Ellawala, chairman of the Sri Lanka Gem and Jewellery Association, in other countries, gem and jewellery manufacturers do not borrow currency but borrow gold, which is a tradeable commodity.
"Interest rates on gold are much lower than currency interest rates. It is a commonly used financing tool in other manufacturing centres like India where there are specialist lenders," Ellawala said in an interview.
"We too must provide access to such financial instruments."
Sri Lankan manufacturers must be able to access specialised financing instruments like gold loans and associated hedging instruments that their competitors around