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by Pravin Mendis

The gem and jewellery industry has recorded a marked improvement during the first eight months of the year, according to statistics of the National Gem and Jewellery Authority (NGJA).

The jewellery sector has seen a 37% increase with trade exceeding Rs. 533.93 million from the previous year's total of Rs. 389.80 million.

The diamonds sector has seen a 17% increase with a total turnover of Rs. 10,239.66 million up from the previous year's total of Rs. 8,732.90 million.

Diamond jewellery has seen an increase of 243% with a total trade volume of Rs. 694.83 million, a steady increase from Rs. 202.50 million recorded in 2000. The Geuda industry has recorded an increase of 3% with a total of Rs. 171.92 million from the previous years figure of Rs. 167 million. The licences issued to lapidaries has also increased to 230 plus in 2000.

The total value of gems traded up to August had however decreased by 6.9 percent, with a total of Rs. 3,558 million from the previous year's value of Rs. 3,804.60 million.

The recently concluded 11th Gem and Jewellery Show "Facets" has also seen considerable sales taking into consideration the situation that prevailed in the country after the attack on the Bandaranaike International Airport, some of the participants who took part in the Facets show told the 'Daily News'.

One trader who has exhibited gems and jewellery from the inception of Facets said the show was quite successful with many new buyers from America, France, Japan and Hong Kong together with a number of regular buyers who attended the annual event. Trade of over 60% of the participants at Facets were successful, he said.

The improved performance of the gem and jewellery sector was attributed to several factors including the upsurge in gem mining and trading this year after the National Gem and Jewellery Authority's decision to vest lands for gem mining and the facilities extended to the gem and jewellery industry.

Sri Lanka has also acquired the status of becoming the leading producer of sapphires in the world. The establishment of diplomatic relations with Madagascar will pave the way for the local gem community to engage in mining and trading in Madagascar further improving the local industry.

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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