The United States, Sri Lanka's biggest buyer of gems with a 34 % stake, is slipping away as a market due to the global recession which has in particular affected the US economy.
Thus there is a need for new markets like Russia, China, India, Brazil and the Middle East, said Macky Hashim, Chairman, Sri Lanka Gem and Jewellery Association (SLGJA), speaking in Colombo recently at the launch of Facets Sri Lanka 2009 - International Gem and Jewellery Exhibition.
Facets 2009 will be held from September 3 to 6 at the BMICH. Mr Hashim said last year's trade fair netted gem and jewellery sales worth $1 million but this year similar sales were doubtful due to the global crisis and particular the impact on US buyers.
He said that out of around 150 varieties of gems in the world, Sri Lanka produces around 55 of them accounting for one third of the world's best known gems. Chanaka Ellawala, Chairman, Facets Organizing Committee said that though it is the first time that Facets would be held without terrorism this year, they are facing a greater challenge due to the global recession as it affects buyers from US, Germany and Europe.
They expect 4,000 buyers of which 500 would be foreign buyers. Hashitha Tillekeratne, Chairman, National Gem and Jewellery Authority (SLGJA) - the main sponsor of Facets contributing Rs 6 million for the event -- said that they have been the sponsors from the inception of Facets and noted with pride its good progress, the major contribution to the national economy and due to the hard-work of the SLGJA how it has got the international recognition.
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