Gem and jewellery sector exceeds Rs. 40b target in 2006

Anjana SAMARASINGHE

GEM EXPORTS: The local gem and jewellery sector was able to exceed this year's target of Rs. 40 billion revenue before the year end through gem and jewellery exports.

Chairman of the National Gem and Jewellery Authority (NGJA) Hasitha Tillekeratne told Daily News that from January to November local gem and Jewellery industry gained Rs. 40.8 billion and it was 19% growth compared with last year. Last year it was Rs. 34.2 billion.

'By the end of this year we are expecting, this will increase to Rs. 43 billion and this is an excellent achievement that the industry has gained, he said.

Gem exports brought Rs. 9.2 billion for the total exports while gem studded jewellery exports contributed Rs 1.5 billion during this period. Gem exports showed 25% growth during this period and gem studded jewellery exports increased by 32%.

The highest foreign exchange earner for the industry was diamond re-exports and it has contributed Rs. 28.6 billion for the total earnings and last year it was 24.6 billion. Diamond jewellery exports gained Rs. 648.5 million during the first eleven months with 60% growth.

Coloured stone re-exports grew by 46% while bringing Rs. 578.7 million to the country and Geuda exports recorded Rs. 188.4 million during the period.

'Next year we are targeting Rs. 60 billion through gem and jewellery exports. There will be a huge boom in the sector in 2007 due to the concessions granted by the Government, he said.

Senior Manager (Export and Export Promotion) of NGJA Ajith Perera said the major markets are USA, Thailand and Switzerland. We have new markets such as China and Malaysia. Government policies have also helped in achieving this target, he said.

Next year Sri Lanka will participate in seven international gem and jewellery shows and will organise three local shows. NGJA also expects to venture out to Romania, Austria and Dubai next year, he said.