Gem and jewellery sector continues growth momentum

Sanjeevi Jayasuriya

The gem, diamond and jewellery sector has secured an over all growth of 46 percent as at February 29, 2012 earning a revenue of Rs 10,851 million in comparison with the corresponding figure of Rs 7,449 million in 2011.

The export of fine gemstones brought in a revenue of Rs 2,379 million recording a 43 percent growth while jewellery exports generated a revenue of Rs 463 million recording an impressive 48 percent growth.

The service cutting industry showed signs of recovery by recoding Rs 46 million income with a 40 percent growth.

'The feed back we are getting from traders who are exhibiting at the Basel World-2012; which is considered as the most prestigious event in Europe is very encouraging.

The European buyers are showing a keen interest on fine quality blue sapphires of large sizes,' National Gem and Jewellery Authority Chairman Prasad Galhena told Daily News Business. In its export market promotion programme this year the National Gem and Jewellery Authority (NGJA) intends to organize Sri Lankan Pavilions in the International Gem and Jewellery events including Jewellery Shanghai Show in May , Hyderabad Jewellery, Perl and Gem Fair in June, Singapore International Jewellery in July, Hongkong International Jewellery Show in September, Malaysia International Jewelex in October, China International Jewllery Show (Beijing) in November and China International Gold, Jewllery and Gem Fair (Shanghai) in December.

"The sector continues its growth momentum and progressing towards becoming a one billion dollar industry by 2016 with plans to sustain the existing markets while focusing on emerging markets," he said.