1. Primary Payment Methods
For transactions exceeding $10,000, credit cards are rarely the primary choice due to high merchant fees and daily limits. Instead, the industry relies on:
- SWIFT/Bank Wire Transfer: The global standard. After a formal invoice is issued, funds are wired directly to the dealer’s corporate account. In Sri Lanka, the National Gem and Jewellery Authority (NGJA) monitors these inflows to ensure the transaction is legal and the export is cleared.
- Escrow Services: For remote buyers, specialised services (like GemPay or high-end legal escrow) hold the funds until the stone is received and verified by an independent lab in the buyer’s home country.
- Local Bank Drafts: If you are sourcing in person in Colombo or Beruwala, a certified bank draft is often preferred over cash for security and tax compliance.
2. Financing & Installment Plans
While “buy now, pay later” isn’t standard for loose investment stones, several 2025 avenues exist for spreading the cost:
- Bank Credit Card Easy Payment Plans (EPP): Leading Sri Lankan banks like DFCC, Nations Trust (Amex), and HSBC offer 0% interest installment plans for up to 36 months when purchasing from registered premium partners. This is common for high-end boutique purchases.
- Asset-Backed Loans: Some private wealth managers allow collectors to use their existing portfolio (including gold or other gems) as collateral to finance a new ruby acquisition.
- Private Dealer Terms: For established clients, premium dealers may offer a “Reserve and Pay” structure. A 20–30% non-refundable deposit secures the stone, with the balance due over 60–90 days. The stone remains in the dealer’s vault until the final payment is cleared.
3. The “Due Diligence” Buffer
Regardless of the payment method, your financing strategy should include a 7–14 day inspection window.
Pro Tip: Never finalize a “non-refundable” payment on a high-value ruby without a GIA or GRS certificate that is less than two years old. Market values for rubies can shift, and a recent “No Heat” verification is the only way to justify a premium price.
4. Taxes, Duties, and Hidden Costs
When calculating your total financing needs, ensure you have allocated funds for:
- Export Insurance: Usually 0.5% – 1% of the stone’s value.
- Courier Fees: Specialized secure couriers like Malca-Amit or Ferrari Logistics for high-value door-to-door delivery.
- Import Duties: While Sri Lanka has no export duty on gemstones, your home country may charge VAT or Customs Duty (e.g., the US has 0% duty on loose rubies, but European countries may charge 15–25% VAT).