'Sri Lankan sapphires will have a healthy market internationally'

Sanjeevi JAYASURIYA

Sri Lankan sapphires will have a healthy market internationally and it is a main contributor in the gem, diamond and jewellery sector.

The gem, diamond and jewellery sector has recorded an overall growth of 29.11% percent in 2011, earning a revenue of US $ 547.24 million, in comparison with the corresponding figure of US $ 423.85 million in 2010, a National Gem and Jewellery Authority Senior Official told Daily News Business.

National Gem and Jewellery Authority (NGJA) attributed the industry's strong performance to the dynamism, flexibility and determination of the stake holders of the gem and jewellery industry and proactive business friendly policies of the government.

Thailand has become the top buyer of Sri Lankan gems with an import value of US $ 20.81 million, narrowly exceeding the USA, which recorded US $ 20.31 million worth of gems imports from Sri Lanka. Hong Kong, Switzerland and Italy ranked 3rd, 4th and 5th recording import values of US $ 19.43 million, 7.78 million and 2.5 million respectively.

Blue sapphires boasted the pride of place by heading the variety list as always, proving yet again that Sri Lanka is the principal source for fine quality natural blue sapphires. In 2011 Sri Lanka was successful in exporting 330,318 carats of blue sapphires to the value of US $ 53.20 million.

Thailand and USA showing almost the same import values of blue sapphires from Sri Lanka and Hong Kong, Switzerland and France trailing behind.

It was unanimously agreed that the coloured gemstone industry must leverage on their products' uniqueness, rarity and intrinsic value, and develop a more focused long term business strategy to remain competitive in the luxury goods market by the trade members attending the mines to market conference held in Jaipur, India in November 2011.

The strengths and opportunities position Sri Lanka well to pursue further development of the gem and jewellery industry and make feasible the long term objective of creating Sri Lanka in to the green and ethical trading hub of Asia with a wide variety of gemstones, latest designs and worldwide trusted customers, he said.