Gem businessman Thushara Perera has become embroiled in a web of political threats and personal challenges over a rare 350-carat blue sapphire valued at over USD 400 million. Despite attracting interest from international buyers in the United States and Germany, Perera has been unable to sell the gem due to Sri Lanka’s restrictive export laws and alleged corruption among officials.
Acquired in 2017, the gemstone has remained unsold as Sri Lanka’s Gem and Jewellery Authority does not provide appraisal values for rough stones, a crucial step for export. Additionally, the country only permits the export of semi-precious stones, creating a significant roadblock for Perera.
Perera claims he sought assistance from government officials to facilitate the sale, only to face demands for bribes and shares of the gemstone’s value. A former state minister allegedly requested Rs. 150 million as a bribe, while another minister reportedly demanded a portion of the gem’s worth in exchange for assistance and promised Perera a position in his foundation.
The situation escalated in 2018 when Perera was kidnapped and held for ransom before being released in Puwakpitiya. The incident, coupled with ongoing threats, has left him battling mental distress while struggling to navigate the legal and bureaucratic challenges surrounding the sale of the sapphire.
Even if Perera finds a buyer, Sri Lanka’s laws make it nearly impossible to export rough gemstones or bring the proceeds back into the country. Despite these challenges, Perera remains hopeful and has expressed his willingness to engage with the government to resolve these issues and unlock the potential of Sri Lanka’s gem industry.
“This sapphire is not just a treasure—it’s a symbol of the untapped opportunities in our gem sector. Clear policies and support are essential to allow us to thrive in the global market,” he said.
For now, the extraordinary blue sapphire remains unsold, its immense value overshadowed by political drama and systemic hurdles.
