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| Sunday, 4 September 2005 |
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Business |  |
| News Business Features Editorial
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Jewellery Assn. provides tsunami aid for affected SMEs Sri Lanka's apex gem and jewellery association, the Sri Lanka Gem and Jewellery Association (SLGJA) is implementing grant funding for SME companies in the South of Sri Lanka that were affected by the tsunami. The Rs. 10 million funding in equipment for manufacturers and retailers, is a grant from the USAID-funded Revive project. The Southern region of Sri Lanka is the base for a thriving gemstone, silver and gold jewellery industry, which supplies the local, tourist and the export markets. The silver jewellery manufacturing industry in Galle accounts for much of the exports of quality silver jewellery to the European market. However, the tsunami which devastated the eastern and the southern coastal belts of Sri Lanka in December 2004 almost eliminated the small scale gemstone wholesalers, silver and gold jewellery manufacturers and retailers selling gems and jewellery to tourists. SLGJA has ascertained information on 131 businesses, which were affected. These companies employed 763 workers. In addition about 1,126 families have been affected through losses to these companies. This number is estimated to be not more than 50 percent of the total companies affected. The greatest need of SME companies remains access to working capital - however, this remains difficult due to inability of SMEs to access loans, even through the Susahana scheme, especially when there is no collateral or the collateral is land within the 100 meters zone, SLGJA said. Meanwhile, all affected companies are proven businessmen who were earning good revenue and providing employment to others. SLGJA partners in this exercise are the USAID-funded Competitiveness Project; the National Gem and Jewellery Authority (NGJA); and the Export Development Board (EDB). |
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