Photo Event

Brisk business at Sea street

Hathoon SHERIFFDEEN and Shanaaz CARINA

THE glittering gold industry is a lucrative industry that satisfies the eyes of the people. In the context of South Asia it’s different. Gold is a deposit for people in Sri Lanka. In the Sri Lankan culture gold walks with the child from the day of his birth. Memories walk with the golden touch from generation to generation.

Sea Street is the main bazaar of Sri Lanka’s gold industry. It stretches from the Gas works Junction to the Hindu Kovil at Sea street. The golden emporium of Sea Street consists around 2500 traders. They demonstrate all types of gold demanded by the Sri Lankan community.

This industry originated with the South Indian Chettiars, 150 years ago. Starting as pawn brokers at Sea Street, gradually they marketed the Indian jewellery sketches in the Sri Lankan market.

It was in demand but due to various problems faced by these Chettiars, they left this industry with the Indian origins in Sri Lankan community, especially with the up country Tamil communities, after Independence.

Gradually the industry moved to cater to the global market. “Ninety per cent of the Sea Street jewellery trade are plain jewellers who meet the demands of the local market. The other 10 per cent consist of stones and the metal costume jewellery.

“We notice there is a turn in the jewellery industry for semi precious stones and silver. Three months before we experienced that the silverstone jewels were in demand on a large scale,” President, Sri Lanka Jewellers’ Association K. Radhakrishnan said.

“The gold industry is very lucrative and luxurious in the market, thus it’s risky and hard working. The three months period starting from May to July is the booming period of the gold industry since it’s known as the Sri Lankan wedding season. Other days normally we trade chains, rings and ear studs mostly,” Raddhakrishnan said.

“We buy gold biscuits from State and private banks at a price traded in the international market. So the gold price does not vary much in the Sri Lankan market.

The Government gives great support to promote the emerging gold market. Nine and 14 karat gold with local precious stones are promoted to export to the global gold market.

Especially European and Japanese gold market demands a lot in this criteria”. Secretary, Sri Lanka Jewellers Association S. Pulenthiran said.

The industry trades around Rs. 3000 million per month. This includes total trade by the small and big time gold jewellers.

Apart from that, the industry has not changed much. It’s very stagnant and lean, Partner, Ramya Jewellers, K. Shanker said.

Pictures by Saliya RUPASINGHE