Sri Lanka's tea industry was just 16 years old when Colombo's first tea auction was held by M/s. Sommerville & Co. in 1883.

Today, the Colombo tea auction has entered in to its second century and ranks as the world largest tea auction center with almost 200 companies vying with each other, on behalf of the principals from all round the world.

Almost 95% of the country's tea production is marketed through the Colombo Auctions. The quantity offered each week varies from 4 Mkg to 8 Mkg. Auctions are held weekly and conducted by the Colombo Tea Traders Association under the aegis of the Chamber of Commerce.