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| Wednesday, 19 May 2004 |
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Call to exploit India's jewellery market By Shirajiv Sirimane Sri Lanka has not exploited India's jewellery market and the gem and jewellery market potential in India and Sri Lanka should aggressively enter this market. The Chairman of the SAARC Chamber of Commerce and President, FACETS, Macky Hashim who was the Chief Guest at a meeting organised by the Gem and Jewellery Export Promotional Council India in Colombo said that Sri Lanka should first enter the Indian market before going for the global market. He said that due to the Free Trade Agreement (FTA) between India and Sri Lanka there is zero duty on exports of Gem and Jewellery and most of the exporters have also ignored this fact. He said that the local gem and jewellery industry, which is centuries old, has developed fast in the recent past. Today young educated people are engaged in the industry. "You hardly see dealers who are over 65," he said. Hashim said that global statistics have shown that 55% percent of the world population are women and this is good for the industry since it is the women who buy most of the items. Director, Gem and Jewellery Export Promotional Council India, Ruban Hobday said that India has the largest diamond-cutting centre in the world. The Indian gem, jewellery and diamond industry, which had an annual turnover of Rs. 28 million in 1966, earned Rs. 12 billion last year. Sri Lanka is one of the largest suppliers of raw materials to India and last year had supplied gemstones to the value of Rs. 2.64 billion. He said that employment opportunities in India are growing with over one million people employed in the industry. Nine out of 10 polished diamonds are either polished or cut in India. The Gem and Jewellery international show will be held from July 15 to 19 in Mumbai. Conveyer Navim Jashnani said that they would make special arrangements to host a few Sri Lankan stalls. The exhibition would have 1200 booths and has attracted 550 exhibitors from 54 countries. "Since this is a trade exhibition it would be good opportunity for Sri Lankan entrepreneurs to find partners and new buyers," he said. Minister of Economic and Commercial to India High Commission V. Ashok said that special arrangements would be made to process visas for this exhibition. |
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