Sri Lanka a gem and jewellery hub
Buyers impressed by range and quality at Facets 2009:
Sanjeevi Jayasuriya
Many first time buyers were impressed by the range and quality of the
gem and jewellery products at the FACETS 2009. They acknowledged that
Sri Lanka is on par with other major gem trading centres in the region
such as Hong Kong, Bangkok, Jaipur, Mumbai and Dubai, said Chairman,
FACETS Organizing Committee Chanaka Ellawala.
"The potential for the gem and jewellery industry in Sri Lanka is
huge. We have high quality gemstones that are not found elsewhere. The
cutting standards are world-class. The value added jewellery sector is
in its infancy stage. All the ingredients are there to turn Sri Lanka
into the next international gem and jewellery hub," he said. "There is
demand for top quality goods and the prices of these goods are steady.
The demand for commercial goods is very selective, but the prices are
the same or perhaps slightly lower," he said.
In terms of Sapphires, Sri Lanka's main competition is from Thailand.
At present Sri Lanka is a preferred destination, partly because of the
political turmoil in Thailand and partly because of the peaceful
situation prevailing in the country and also because of the quality of
the gem stones," he said.
"The gem cutting industry in Sri Lanka has progressed tremendously
over the past two decades or so. Gems cut in Sri Lanka are on par with
the gems cut in Germany and Israel. High precision gems are being cut in
Sri Lanka for the Swiss watch industry," he said. "Sri Lanka is the main
source for top quality gem stones and buyers who are knowledgeable come
back to Sri Lanka.
This is because buyers perceive that they can get a better selection
of goods at better prices than elsewhere," he said. "However, gem and
jewellery exports declined 35 percent during the first six months of
2009 compared with the corresponding period of 2008. But there are some
signs of recovery and in the past two months demand has picked up
slowly. We expect 2009 to be a slow year for business. We expect to see
a full recovery in 2010," he said. |