Soon a new Gold Refinery for economic renewal By Bandula Sirimanna View(s): View(s):Sri Lanka is actively exploring the establishment of a domestic gold refinery to address enduring shortages and high import taxes that have driven the gold trade underground. Due to over 45 per cent import taxes enforced under the International Monetary Fund (IMF) programme, formal gold imports came to a standstill, fostering a black market. A local refinery aims to formalise this trade. The refinery is expected to import less refined gold from producing countries like South Africa, he disclosed. The cost of large refinery projects could be in the region of US$30 million-$50 million+ for robust industrial plants.

Source: Sunday Times January 25, 2026 06:13 UTC