Declining export revenue in gem and jewellery needs to be addressed
Sri Lanka’s gem and jewellery, once solid export earners in line with tea, rubber and coconut, is declining in export revenue and needs to be addressed urgently.
These thoughts were expressed by Indira Malwatte, Chairperson, Sri Lanka Export Development Board (EDB), during a media briefing last week to announce FACETS Sri Lanka 2017. This annual, widely-awaited international gem and jewellery exhibition will be held from August 31 to September 3 at the BMICH.
She did not elaborate on the decline in numbers or percentages but pointed out that when compared with the six months of 2016, export of gems has gone up by 76 per cent in the first six months of 2017.
However she noted: “We cannot be complacent with that because overall exports have declined. I think as an industry we all have to get together to showcase FACETS 2017 and promote our country and that the coloured stones industry would be developed to make Sri Lanka the Sapphire Capital of the world”.
Responding to questions from the media, Ms. Malwatte elaborated on the reasons as to why there is a decline in gem and jewellery exports, attributing it to certain developments in other gem and jewellery purchasing countries.
While Sri Lanka do not have that much of a gem market, as Sri Lankans prefer gold and silver, she said there is a lot of potential for uniquely designed jewellery with gem stones. She said that there are training programmes initiated on lapidary industry and said that they should have material to cut in Sri Lanka. To provide the material they are on course to completely liberalize the rough stone imports to Sri Lanka for anybody to bring in gemstones, she declared.
A.H.M. Imtizam, Chairman, Sri Lanka Gem and Jewellery Association (SLGJA), said that they are the apex body representing all facets of the industry – mining to manufacturing and wholesale and retail – and organises this FACETS show with government support.
He indicated that the objective of the event is to strengthen exports and promote industry development with special focus on the industry’s prime source, ‘Ceylon Sapphires’ and to increase sales of other gemstones and jewellery products to overseas markets and attract more international buyers to Sri Lanka.
Achievements and contributions, he said, by FACETS have been remarkable and showcased unique products that paved the way to exports and built strong local and international trade connections. They were able to bring the global gem and jewellery stage to their doorstep.
The event will accommodate around 200 trade stalls and approximately 10,000 visitors are expected to visit it including high profile buyers and delegations from overseas, he indicated. He said that this year too the Premier Jewellery Pavilion and the Gem and Jewellery Mart for the Small and Medium Entrepreneurs (SMEs) will be held to enable SMEs to get involved in exports.