Gem, jewellery industry targets $ 800 m annually

Disna Mudalige

A two year plan is being implemented targeting a US$ 800 million annual income from the gem and jewellery industry, National Gem and Jewellery Authority Chairman Anil Koswatta told the Daily News.

"We get about US Dollar 500 million annual income at present. Compared to last year, we have reached 25 percent development in the industry.

We hope to increase this up to 35 percent within this year," he said. "Our Authority has main three targets. First is to develop the varieties of gem stones, second is to introduce latest designs to the industry, and third to generate worldwide customs. These will help increase the demand for the local gem and jewellery.

From the 200 gem varieties found all over the world, 70 are found in Sri Lanka. This is a high rate, and we must use this opportunity," Koswatta said. The gem and jewelery industry is the third biggest export revenue generation sector in the country, while apparel and tea industries remain first and second.

"There are six main gem producing countries in the world. Among them, the total gem exportation of Thailand is higher than us. We need 10 percent development in our industry to achieve their level. We have made plans to reach this position within two years," he said.