Gem exports in upward swing

Sanjeevi JAYASURIYA

The gem, jewellery and diamond exports continues its upward trend in foreign exchange generation by recording an overall growth of 21%.

The gem, jewellery and diamond export earnings up to end August this year recorded an increase of 21 percent compared to the corresponding period last year. The sector’s growth in terms of value increase was from Rs 29.95 billion to Rs 36.23 billion, National Gem and Jewellery Authority (NGAJA) Chairman and CEO Gen Rohan Daluwatte told Daily News Business.

Sri Lanka gemstones

The most significant growth was recorded by gem exports where it recorded a 37 percent increase generating Rs 6.90 billion in 2011 compared to Rs 5.04 billion last year.

The total value of jewellery exports too rose with gem studded jewellery exports increasing by 15 percent from Rs 0.96 billion to Rs 1.11 billion while diamond studded jewellery exports increased by 32 percent from Rs 217 million to Rs 285 million.

The diamond re-exports rose by 18 percent from Rs 23.50 billion to Rs 27.73 billion.

“We could see a steady growth in export revenue generation. The growth momentum in the sector augurs well for related industries where its contribution to the national income becoming more significant,” he said.

The sector will benefit from the aggressive marketing strategies to capture a wider buyer base in target countries with special emphasis given to Turkey. The debutante entry will be made coinciding with the Istanbul Jewellery Show to be held from October 13 to 16.

There will be a Sri Lankan pavilion at this show where the country’s potential will be showcased for the first time. Six leading gem and jewellery exporters will be sponsored by the NGAJA to enable them to make the show a launching pad to enter the international market.

Turkey has a thriving market and is the leading gem and jewellery supplier to the entire European market. It is expected that coloured gems and gem and diamond studded jewellery will find an attractive market in Turkey where competitive prices and quality are key factors.

“We expect Russian buyers to visit the Sri Lankan Pavilion where the country will have an opportunity to promote the sector as Turkey could be our main market and gateway to Russia,” NGAJA Chairman said.