Financial Times

Colombo gem show draws the crowds

Padparadscha, a precious gem stone found only in Sri Lanka and Madagascar, was the attraction at the Colombo Show, Sri Lanka’s pioneer international gem and jewellery trade fair being held for the second consecutive time in Colombo.
Of a rare colour referred to as the marriage between a lotus and a sunset, the Padparadscha found many buyers and visitors looking and examining the stone at the event held at the BMICH.

In addition to Sri Lankan gems and jewellery, there are exhibits from Myanmar, India, Dubai, etc. The idea behind this trade fair is to expose Sri Lankan companies to international market and promote them among foreign countries, said T. Rusiripala, President of the Association of Gem & Jewellery Industry, a co sponsor of the event.

Diamond jewellery also held a special place at the trade fair with many buyers showing interest.

There are several stalls with Sri Lankan lapidaries who demonstrate their trade of cutting and polishing gems. In addition to these there are pavilions representing the gem bearing and producing regions of the country. Foreign traders said they were satisfied with the trade fair but complained about the 60% customs tax levied on local buyers when buying from foreign traders, which made the locals back out from transactions.

A young visitor trying on some jewellery

A customs officer at the trade fair explained that this tax cannot be avoided because it contains various taxes like duty (28%), VAT (20%) and PAL (2.5%). The Colombo Show will end today.

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