A lockable product package assembly containing an outer sleeve and an inner tray slidably engaged within the outer sleeve. The outer sleeve includes a tray locking recess disposed in an inner surface of a first wall of the outer sleeve. The inner tray includes a product portion with a protruding release button and a locking portion integrally connected to the product portion. The locking portion of the tray is configured to engage with the tray locking recess in the outer sleeve, so as to prevent sliding movement of the tray relative to the sleeve, when the inner tray is fully inserted into the outer sleeve. To release the tray, the protruding release-button on the inner tray is depressed, which disengages the locking portion of the tray from the locking recess in the outer sleeve, so as to permit sliding movement of the tray relative to said outer sleeve.