Saudi Arabia keen on gem and jewellery partnerships

Anjana Samarasinghe

Saudi Arabia is keen on setting up joint ventures with the local gem and jewellery industry.

Acting Deputy Director General, National Gem and Jewellery Authority (NGJA) Ajith Perera told Daily News Business that the Saudi Arabian private sector was keen on establishing partnerships with the local gem and jewellery industry.

The NGJA is planning to organise a single country promotion in Saudi Arabia in mid 2009.

This is the first time that the NGJA is having special country promotion in this market and hopes the promotion program will create business opportunities for both countries.

“We have noticed that there is a huge demand for precision gem cutting in the international market.

The gems have been used to manufacture watches and local industrialists supply these gems to Rolex, Cartier and Bvlgari,” he said.

Sri Lankan gem cutters have the requisite skills and equipment to supply these gems to an international market and the local industry has growth potential in this sector.

With the current economic crisis in the US market, the country needs to focus on other markets such as Russia, Turkey, China and the UAE.

The current global economic crisis has less impact on Russia.

“The NGJA will participate in the gem and jewellery exhibition which will be held in Moscow next month to explore opportunities in the Russian market,” he said. For the first time the NGJA with local industrialists will take part in the Jaipur trade fair which will be held in December.

“Jaipur is popular for semi precious stones and we hope to enter this market as a provider of precious stones. India is a lucrative market for Sri Lanka,” he said. “This year we are planning to participate in nine international gem and jewellery trade fairs.

We will participate in the trade fair in the US organised by the Gem and Lapidary Dealers Association of the US Anext month.

This is an important trade fair for Sri Lanka,” he said.

“We expect to provide an incentive package for local participants of this fair and it is still under discussion. Sri Lanka will also participate in the International Jewellery Tokyo this year,” he said.