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Titanic losses in Gem Authority
 
Audit reports of the gem and jewelry authority have revealed a massive loss incurred by the institution from non-commercial transactions.

It is said that 630,200 Rupees had been expended in 2008 to publish 2 newspapers and a magazine celebrating the President assuming duties or the second time.

1,230,000 Rupees have been spent in providing the 2009 Carlton Rugby 7's tournament but no relevance of these expenses towards the scope of the authority has not been pointed out in the audit report.

According to 2009 audit report, even though 18,513,790 Rupees have been spent on gem exhibitions in US, India, Singapore, and China and Japan targeting export promotion, the profit gained had been only 10,193,925 Rupees.

And from the China exhibition which was not included in the proposed promotion plan which incurred 1,913,233 Rupees, only 1,781,830 Rupees have been recovered.


Although 407,485 Rupees was estimated in the promotion plan the Authority had spent 15,986,681 Rupees.


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