Some of the gems for which Sri Lanka is well known are Blue Sapphire, Star Sapphire, Ruby, Cat's Eye, Alexandrite, Tourmaline, Zircon, Garnet, Spinel, Beryl, Topaz, Moonstone, Quartz, etc.

Rare Gems: Some rare gemstones are also found, mainly Sinhalite (a magnesium aluminium borate), Apatite, Andolusite, Kornerupine, Diopside and Ekanite. Taffeite, one of the world's rarest gems was identified as a new mineral in 1945.

Sri Lanka also produces radio-active materials such as Thorianite.

The island nation has pearl oyster beds too. There is a Sea-water Pearl Culture Farm in Galle Harbour Bay in the south, run with Japanese collaboration.
Colored gemstones are mined mainly in Ratnapura (Gem City), Pelmadulla, Rakwana, Ehliyagoda, Rattota (Mataly), Elahara, Deniyaya, Morawka and Okkampitiya. Several new gem bearing areas have also been discovered from time to time. Gems can also be imported from anywhere without licence.

Gem land Auctioning: According to the Chairman, National Gems & Jewellery Authority of Sri Lanka, a policy for gem land auctioning was formulated and approved to come into effect from January, 2001. Since then, auctioning of rights to mine in rivers, State lands and gem lands under plantations where illicit mining cannot be controlled, have been going on at a very high rate. The industry has been thriving with land auctioning. There is tremendous demand to acquire rights to mine in these lands. New gem lands have been thus made available from the central hills of the country in Bogawantalawa, from around Ratnapura, the city of gems and from the south of the country. The gem miners are happy that such lands are now available for mining that have not been mined before.