Gem exports continues turnaround

The gem and jewellery sector could become a major growth driver to achieve boost 2015 export earnings target of US $ 15 billion, Industry and Commerce Minister Rishad Bathiudeen said. Speaking at the inauguration of FACETS at BMICH yesterday he said Sri Lanka exported diamonds and jewellery to the value of US $ 335 million in 2010 and US $ 70 million worth of gems.

“Gems and jewellery contribute 5 percent to our total exports earnings. Gem and other mining also was the top sector contributing to the 15.5 percent growth in mining and quarrying subsector in 2010. There are more than 600,000 people engaged in the gem mining to market cycle,” Minister Bathiudeen said.

Sri Lanka’s gem exports in 2010 first half stood at US $ 35.76 mn and in the first half of 2011, it rose to US $ 48.46 mn showing leap of 35.5 percent.

The major buyers of Sri Lanka gems are Hong Kong, USA, Thailand and Switzerland. Emerging markets for gems and jewellery are China, Russia, and Brazil.

Held annually in Colombo since 1991, FACETS is Sri Lanka’s only international gem and jewellery show, which saw a new beginning in September 2005 when it moved to the BMICH Exhibition and Convention Centre in Colombo.