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Sri Lanka's gem and jewellery sector is planning to expand its markets in Italy following a top Italian jewellery designer/manufacturer Bulgari Gioelli's visit to Sri Lanka recently.

Bulgari's visit was organised by the Export Development Board (EDB) through the Ambassador for Sri Lanka in Rome, Italy. Bulgari accompanied by Lucia Silvestri was in Sri Lanka on a mission to explore the possibility of increasing direct purchases of gemstones from Sri Lanka and to assess Sri Lanka's jewellery industry. "Bulgari has shown a keen interest to increase gem purchases from Sri Lanka," an EDB spokesman said.

With Sri Lanka's gemstone industry being known internationally for well cut free size gemstones and calibrated stones, Sri Lanka's gem trade could expand its exports specially to the Italian market. Coloured gemstones being popular in jewellery, Sri Lanka would also have a potential for exporting cut and polished calibrated gemstones of amethyst, tourmaline, peridot and garnets.

The EDB in collaboration with the Sri Lanka Embassy in Rome, prepared a program for the visitors, which consisted of meetings with government officials and gem and jewellery trade in Sri Lanka. They also had the opportunity of meeting Prime Minister, Ranil Wickremesinghe and the Minister of Enterprise Development, Industrial Policy and Investment Promotion, Prof. G.L.Pieris during their stay in Sri Lanka.

The "Colours of Sapphire Jewellery Show" gave them an opportunity to get an idea of the modern jewellery manufactured in Sri Lanka. One to one meetings were organised for 19 gem and jewellery companies. Bulgari and Silvestri visited gem mines in Ratnapura and had first hand experience of the gem mining industry in Sri Lanka. They also had the opportunity of visiting Sigiriya and Kandy to get a glimpse of Sri Lanka's tourist attractions.

The possibilities for Bulgari Gioelli Spa to expand its business with Sri Lanka is vast, provided Sri Lanka's gem and jewellery trade meets the stringent requirements of such companies. There is potential to supply matched lines of sapphires and other varieties of gemstones of top quality and cut to be used in the manufacture of jewellery.

Bulgari Gioelli Spa is considered to be one of the three leading jewellers in the world along with Cartier and Tiffany. Today, Bulgari Gioelli Spa has 155 stores througout the world. The group posted a turnover of Euro 338.3 million up to September 2002. The group turnover amounted to Euro 766 million in 2001 and the bottom line was around 65 million Euros. With Sri Lanka looking for companies engaged in the jewellery manufacture business which could set up their outsourcing operations in Sri Lanka, this was an ideal opportunity for Bulgari Gioelli Spa to see the facilities available in Sri Lanka.

Italy continues to be an important trading partner of Sri Lanka, as the sixth important member of the European Union. The total trade between Sri Lanka and Italy amounted to Rs. 11,311 million in 2001 recording a 14% growth over the previous year.

The main items exported from Sri Lanka to Italy include garments,rubber products, tea, footwear, ceramic products and precious stones. Italy, the number one jewellery manufacturer in the world, accounts for over 60% of the gold jewellery exports. Market studies carried out by the EDB revealed that most of the Italian jewellery manufacturers are aware of the variety of coloured gem stones available in Sri Lanka. But unfortunately, Sri Lanka's gemstones find its way to Italy and Europe through Thailand and Hong Kong. Italy's imports are around US$ 1 million per annum.

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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