US $ 800 mn gem export revenue target in 2013

Vishmi Wijeratne

Sri Lanka’s gem exports would receive a boost this year. Speaking about the gem industry, Chairman and Chief Executive Officer of National Gem and Jewellery Authority, Prasad Galhena told Daily News Business that they might be able to reach a gem export revenue target of US $ 800 million during this year, which is a significant increase from last year’s US $ 640 million.

A lapidarist displaying his skills at the event

“I haven’t really thought about a target for this year but I am confident that we will be able to reach US $ 800 million, our target for 2016 is US $ 1 billion and I am confident that we can surpass this before 2016.

Gem prices are going high every day, it is 20 times the amount it was five years ago and will continue to grow, this is very advantages for us as coloured stones are in demand as it is a valuable investment,” Galhena said.

Galhena said that his main objective is to make Sri Lanka a centre for coloured stones, to achieve this Sri Lankans need to be more aware of the gem industry.

He said that countries like Hon kong and Singapore which doesn’t have mineral resources are centres for coloured stones because they purchase gems from countries like Sri Lanka and sell them in their homelands.

“People purchase Sri Lankan Gems from destinations that are far from Sri Lanka, This need to stop, we need to have our centre hear and attract buyers to our homeland where we have so much to offer. The way to arrest this problem is by starting to make gem studded jewellery for exports and creating a brand name for Sri Lankan gems,” he said.

According to Galhena Sri Lanka is a country known for the diversity of stones found in the land, he said there are 75 varieties of gems in Sri Lanka. According to him this is not all that Sri Lanka is famous for, Sri Lanka is famous for having extremely crafty workers who can cut a gem up to one third of a mini metre by hand and are found working in companies with leading international brands such as Tiffny’s,Rolex, Mont Blanc, Bvlgari and Cartier .

He also said that Sri Lanka has a unique zero tax regime for import and export of gems and is the most convenient place for trading gems.