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In a country celebrated for producing some of the world’s finest gemstones, Sri Lankan gemologist Rewatha Milinda Edirisinghe now says the future of gemstone testing must move beyond traditional observation and into the realm of scientific precision powered by artificial intelligence.
Edirisinghe, the Founder and Managing Director of Gemological Report of Ceylon (GRC), has introduced what he describes as a next-generation AI-integrated spectroscopy system designed to modernize gemstone identification and analysis for global gem laboratories.
The innovation, currently under patent application in Sri Lanka with plans for international patent registration, combines a traditional gemological spectroscope with smart-device connectivity, proprietary algorithms and an AI-driven gemstone database capable of analysing mineral compositions with unprecedented precision.
According to Edirisinghe, the invention was born out of a longstanding frustration shared by many gemologists.
“The spectroscope is one of the most powerful tools in gemology, but it is also one of the most uncomfortable instruments to use,” he said during an interview with The Island Financial Review. “Even experienced gemologists often avoid using it extensively because it strains the eyes and requires difficult interpretation of colour absorption patterns. For colour-blind users or those with eyesight limitations, it becomes even more challenging.”
A conventional spectroscope allows gemologists to study how gemstones absorb light, revealing unique spectral signatures linked to trace elements such as chromium, iron and vanadium. These spectral patterns function much like fingerprints for gemstones, helping experts identify species, treatments and origins.
Edirisinghe’s solution transforms that traditionally manual process into a digitally assisted scientific system.
Using a specially designed clip-on device attached to the spectroscope, spectral data from gemstones can now be transmitted directly to a smartphone or smart device under varying lighting conditions and viewing angles. The collected data is then processed through dedicated software and algorithms before being matched against an AI-supported gemstone database developed in collaboration with foreign partners, including specialists in Thailand.
“The spectroscopy is the fingerprint of a gemstone,” Edirisinghe explained. “What we have done is create a system that captures those fingerprints more accurately than ever before and analyses them scientifically through AI-supported comparison.”
The system, branded as the “Ray’s Spectroscopy System for Smart Devices,” named after his middle name Rewatha, is designed to identify gemstone treatments, detect enhancements and even assist in determining the geographic origin of stones.
He says the innovation marks a significant shift in how gemstone certification could evolve globally.
“In many laboratories, reports are sometimes issued mainly based on surface-level tests such as specific gravity or refractive index measurements. Those methods are important, but they are not enough for comprehensive gemstone identification in today’s complex market,” he noted.
“With this system, gemstone analysis becomes a deeper scientific exercise rather than simply issuing a certificate after limited testing.”
Edirisinghe believes the technology will also democratize access to advanced testing by offering laboratories a more affordable alternative to costly imported systems.
The GRC founder is no stranger to challenging conventions within the gem industry. Earlier this year, his laboratory gained industry attention for introducing rigorous multi-layered certification methodologies aimed at elevating Sri Lanka’s standing in international gemstone authentication markets.
Now, with his latest innovation, Edirisinghe says he hopes to position Sri Lanka not merely as a source of valuable gemstones, but also as a contributor to global gemological science.
He draws parallels between his contribution and that of the late Francis Leo Danvil Ekanayake, who discovered the rare radioactive mineral ekanite in Sri Lanka in 1953.
“After the discovery of ekanite, there have been very few scientific innovations emerging from Sri Lanka’s gemological sector,” he said. “I wanted to contribute something practical and globally relevant to the industry.”
While commercial production awaits patent approval, the system is already being used internally at GRC’s laboratory in Colombo. Meanwhile, the database continues to expand with fresh gemstone data and analytical inputs from international collaborators.
For Edirisinghe, the ambition extends beyond business success.
“If Sri Lanka is known for producing some of the world’s finest gemstones, then we must also contribute world-class scientific innovation to the industry,” he said. “That is how we truly elevate Sri Lanka’s name in global gemology.”
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AIA Group Limited (the Company) announces value of new business (VONB) for the third quarter ended 30 September 2026. Growth rates are shown on a constant exchange rate basis.
• VONB for the first nine months of 2026 was up by 5 per cent to US$4,627 million, driven by growth across all reportable segments except Thailand.
• VONB in the third quarter was lower by 5 per cent to US$1,415 million against exceptionally high prior year July and August comparatives in Hong Kong and the Chinese Mainland.
• The Group returned to excellent year-on-year VONB growth of more than 25 per cent in September. We expect strong momentum in the fourth quarter, supported by the normalisation of comparative effects.
• As announced with our 2026 interim results, we expect to exceed our 9 to 11 per cent operating profit after tax (OPAT) per share CAGR target from 2023 to 2026.
Lee Yuan Siong, AIA’s Group Chief Executive and President, said:
“AIA delivered VONB growth of 5 per cent for the first nine months of 2026, despite exceptionally high prior-year sales in Hong Kong and the Chinese Mainland that affected third-quarter growth. Group VONB rebounded strongly in September, delivering year-on-year growth of more than 25 per cent.
“We continue to see attractive growth opportunities across our markets. Demand for protection, health, savings and retirement solutions remains strong, and we are investing in our competitive advantages to capture this. Agency fundamentals continue to strengthen, with higher numbers of active agents, new recruits and new leaders year-on-year, alongside deeper engagement with our bank partners.
“We entered the fourth quarter with strong momentum and remain confident in our outlook. As announced with our 2026 interim results, we expect to exceed our 9 to 11 per cent OPAT per share CAGR target from 2023 to 2026, demonstrating how our profitable new business growth translates into increased earnings and long-term value for shareholders.”
Fitch Ratings has upgraded Commercial Bank of Ceylon PLC’s National Long-Term Rating to ‘AA(lka)’ from ‘AA-(lka),’ effective 30th October 2026, reinforcing the Bank’s position as Sri Lanka’s benchmark private-sector lender and highlighting its enduring financial strength.
The upgrade follows Fitch’s recalibration of Sri Lanka’s national rating low credit scale after the sovereign rating upgrade in September 2026, while also reflecting the scope for greater positive differentiation of Commercial Bank’s credit profile relative to large private-sector banking peers.
The ‘AA(lka)’ rating signifies very high credit quality and very low default risk relative to other issuers in the country, providing an important signal of the Bank’s strong capital adequacy, liquidity, and asset quality to investors, depositors, corporate customers and international banking partners.
Fitch’s assessment recognises Commercial Bank’s longstanding position as Sri Lanka’s largest private-sector bank, its sustained advantages in business generation and funding, and its optimised cost of funds relative to other large private-sector banks. The Bank’s asset quality, profitability and capital coverage of net impaired loans have also generally remained among the stronger levels within the range of rated local banks, the rating agency noted.
“Any rating upgrade of this nature is significant for stakeholders,” Sharhan Muhseen, Chairman of Commercial Bank noted. “For our customers, the upgraded rating provides an additional indicator of the Bank’s stability and financial strength in safeguarding their investments and assets. For businesses and individuals seeking financing, the Bank’s strong institutional creditworthiness and funding advantages underpin its capacity to offer competitive financing solutions and support their diverse growth ambitions.”
Commenting on the upgrade, Sanath Manatunge, Managing Director/CEO of Commercial Bank, said: “This rating upgrade is a powerful affirmation of the financial resilience, disciplined risk management and enduring strength of Commercial Bank. It validates the deep confidence our customers, investors and international partners place in us, and strengthens our capacity to support Sri Lanka’s businesses, households and economic progress.”
The stronger credit profile also reinforces Commercial Bank’s international correspondent banking relationships, supporting the continuity and efficiency of cross-border banking, trade finance and capital repatriation services for customers engaged in international trade, the Bank said.
While the rating action was directly prompted by the recalibration of Sri Lanka’s national rating scale following the sovereign upgrade, it also positions Commercial Bank as a key beneficiary of the country’s macroeconomic recovery, reflecting a balance sheet and risk management framework that remained exceptionally resilient through earlier economic volatility. This underscores the Bank’s ability to sustain strong financial fundamentals through challenging periods and its favourable position within the domestic banking sector, the Bank added.( ComBank)
Sysco LABS Sri Lanka’s engineering teams have contributed to the development of the Sysco Agentic Ecosystem (SAGE), the enterprise AI platform for which Sysco Corporation was named runner-up in the Retail & Consumer Goods, Americas category at the 2026 Gartner Eye on Innovation Awards.
The recognition reflects Sysco’s continued pursuit of technological excellence through investment in AI and new approaches to business challenges. Sysco LABS plays a pivotal role in this work, bringing Sri Lankan engineering expertise to a collaborative effort across Sysco’s global technology organization.
Sysco is the world’s largest global foodservice distributor supplying restaurants, hotels, healthcare facilities and other businesses that prepare meals away from home. SAGE brings governed agentic AI into its operations across sales, supply chain and administrative functions. It connects AI agents, software that can perform tasks, with business data and systems, enabling them to recommend actions and carry out workflows within a common governance framework.
Commenting on the recognition, Thushera Kawdawatta, Managing Director, Sysco LABS Sri Lanka, and Vice President, GIC Strategy & Operations, Sysco, said, “Being recognized by Gartner validates the exceptional dedication and ingenuity of the team behind this milestone. As Sri Lanka continues to strengthen its role as Sysco’s global AI epicenter, it is our people who are driving this paradigm shift. Through seamless collaboration across our global technology ecosystem, we are deploying world-class talent to solve complex challenges at scale, proving that we are not just embracing the future of AI, but actively shaping it together.”
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