Over Rs 19 bln in gem/jewellery exports in 5 mths

Sri Lanka expects its gem and jewellery exports to rise by another 10 per cent this year and help it earn US$100 million in revenue.

The country is among the world’s five top gem exporters and earned Rs 19.19 billion rupees in foreign exchange during the first five months of this year despite political turmoil and the war situation in the north and east. It was a 9.8 percent increase when compared to earnings of the same period last year, amounting to Rs 17.47 billion.

Blue sapphire, or the national gemstone, is the leading variety among the 75 different gem stones found in the country — where 90 percent of the land mass is considered potentially gem-bearing he said . There are nearly 30,000 to 40,000 gem pits being operated annually which provides income to nearly 150,000 people per mining season. Most of the labour involved in the gemming industry is from low income groups while their efforts contribute to nearly 60% of the total income from mineral exploitation in Sri Lanka.

Chairman of the National Gem and Jewellery Authority Chanaka Ellawala said that yellow, orange and pink sapphires, aquamarine, ruby and topaz are among some of the famous gems mined, polished, cut, designed and exported to the US, Europe, Hong Kong and Thailand. He told reporters that Sri Lanka wanted to reposition itself as a major gem and jewellery hub in the region by 2010."The global gem market is growing, fuelled by rising demand and attractive prices as gemstones are also bought for long-term investments.” Spurred by the healthy market trend, gem dealers now want to explore new buyers.” Besides the new emerging markets, mainly China and India, eastern bloc countries like Russia, Bulgaria, Slovakia are also on their list, where dealers want more coloured stones.“The current market interest is the coloured stones. Last time it was only diamonds,” he said.

Giving the FACETS Sri Lanka show this year an international flavour are the miners, manufacturers and wholesalers from around the globe including those from major source countries such as Madagascar, Burma, Dubai, Thailand, Hong Kong and India who regularly exhibit their products at the show. Nineteen foreign exhibitors are expected to participate at the show. Visitors to FACETS Sri Lanka can expect to find a fantastic array of coloured gemstones on sale ranging from Cornflower blue sapphires, Padparadschas, Star Sapphires and Rubies, Alexandrites and Cats-eye Chrysoberyls to Aquamarines, Tourmalines, Topazes, Spinels, Zircons and Moonstones to name just a few of the gemstone varieties that will be on offer at the show.

Visitors can also look forward to a feast of fine jewellery manufactured to the highest standards ranging from 18K white or yellow gold jewellery set with sapphire and diamonds in the latest designs to traditional 22K gold jewellery and trend setting silver jewellery.