Gems, Jewellery on upward trend

Sanjeevi JAYASURIYA

The gem, jewellery and diamond exports are showing signs of increased contribution in foreign income generation this year. The sector recorded 17 percent increase in earnings in July this year compared to the corresponding period last year, National Gem and Jewellery Authority Chairman and CEO Gen Rohan Daluwatte told Daily News Business.

The total value of gem, jewellery and diamond exports rose from Rs 25.6 billion in 2010 to Rs 30.02 billion in 2011 July. The most significant growth was recorded by the gem exports where it recorded 32.5 percent increase generating Rs 5.73 billion in 2011 compared to Rs 4.3 billion last year.

The jewellery export too recorded growth where the increase was 17.5 percent. The exports rose from Rs 850 million last year to Rs 999 million up to July this year.

The diamond re-exports sector where rough diamonds are imported and re-exported with value addition recorded 13.7 percent growth earning Rs 22.8 billion from Rs 20.1 billion as at last July. The diamond mounted gem exports recorded a growth of 22.6 percent from Rs 190 million to Rs 233 million this year.

This sector recorded a cumulative growth of 8.9 percent compared to July last year.

“We could see a steady growth in export revenue generation and this augurs well for the export sector of the country when meeting targets.

This is a positive trend,” the Chairman said.

“We are in the process of finalizing evaluation of export generating markets and will be entering Turkey in a big way shortly.

“There will be a Sri Lankan Pavilion at the Istambul Jewellery Show to be held from October 13 to 16. This is the first time that we are concentrating on Turkey and we expect this to generate more businesses,” he said.

Sri Lanka will continue to supply fine quality calibrated gems and precious cut gem stones and is the only supplier in the entire global market at present.

“A leading group of gem and jewellery exporters will participate at the Istambul show and we expect that they would build business contacts with Russian buyers where there is a growing market,” he said.

Commenting on the Facets, Sri Lanka’s international gem and jewellery show to be held in next month, the National Gem and Jewellery Authority Chairman said that apart from having a pavilion the Authority will sponsor 20 export ready SME companies to enable them to make the show as a launching pad to enter into international market.