Russian delegation at FACETS 2011

The EDB together with the Sri Lanka Gem and Jewellery Association and organized a buyer delegation from Russia for FACETS 2011. The Russian delegation comprised high level representatives of leading gem and jewellery businesses in Russia. The delegation is led by Tatyana Ignateeva a Senior Gemologist. All other representatives were from well established companies interested in buying gems and jewellery from Sri Lanka. This is their first participation at FACETS and in Sri Lanka. All these companies have been working with Thailand all these years and is very much interested in buying from Sri Lanka.

At a meeting held with the Russian delegation at the EDB, the EDB Chairman and Chief Executive Janaka Ratnayake stressed the need of strengthening bilateral trade especially exporting gems and jewellery. The EDB has planned several events in Russia which was discussed with the delegation.

EDB is also planning to carry out promotional campaigns in unconventional markets such as Ukraine, Brazil, Turkey. In China The EDB organized the Sri Lanka’s participation at the Kungming Fair for the last three years and this year out of the 80 companies participated, 46 were from the gem and jewellery sector.

The Strategic Plan of the EDB has identified the Gem and Jewellery Sector as a key sector which could contribute to achieve US $ 15 billion export target in 2015 and trickle down the benefits of exports to grassroots level.

The EDB has co-organized FACETS, since its inception in 1991 and that the exhibition has gathered momentum in terms of recognition and participation of buyers. EDB organized a special pavilion at FACETS 2011 for export ready SME jewellery manufacturers (17 SMEs and four Designers). EDB has been organizing such pavilions since 1996 and so far given opportunities to around 200 SMEs especially from the provinces. The FACETS Show, which has emerged as a well established and recognized trade event for gem and jewellery has provided an effective platform to promote the sector.

Sri Lanka’s exports to Russia is highly concentrated on tea (90% of total exports). This reflects the need of product diversification in the Russian market to exploit the high potential. Therefore, to reduce high concentration on the two major markets (EU and USA - 57%), the emerging Russian market is important in the diversification efforts. The Russian Federation is one of the BRIC countries which are considered as emerging growth centres of the world. However, Sri Lanka’s share in the Russian Market is minimal.