Export of gems and jewellery up 8% in IQ, 2007

The total value of Sri Lanka's gem and jewellery exports during the first quarter of the current year has registered an 8% increase over the first quarter of the previous year, said National Gem and Jewellery Authority Chairman, Hasitha Tillekeratne.

The total export value of gems, jewellery, geuda, diamond jewellery and diamond during the first quarter of 2007 amounted to Rs.11,135 million compared to Rs. 10,275 million during 2006. The reason for the increase according to Tillekeratne could be attributed to the favourable conditions that prevailed at the time of exports.

New plans are being implemented on the initiative of Enterprise Development and Investment Promotion Minister, Dr. Sarath Amunugama and Enterprise development Minister, Mano Wijeratne to provide incentives to local exporters who have been instrumental in improving exports, Tillekeratne said.

As at end March 2007, the total value of gem exports amounted to Rs.2682.6 million, re-export of uncut gems Rs.177.5 million , jewellery Rs.419.1 million, diamond re-exports Rs.7606.4 million, diamond jewellery Rs.199.8 million and geuda Rs. 49.8 million.

The total value of gem and jewellery exports during 2006 exceeded the annual target by reaching the figure, Rs. 44.9 billion before the end of the year. Thus the year 2006 recorded the highest ever value achieved by gem and jewellery exports.

USA, Japan, Germany, Hong Kong, Thailand, France, UK and Switzerland were the principal buyers of Sri Lanka's gems and jewellery. Blue Sapphires, Star Sapphires, Chrysoberyl, Cat's Eye, Star Rubies and Rubies were among the precious gems that were exported.

The National Gem and Jewellery Authority participated in seven International Gem and Jewellery exhibitions and as a result of the popularity gained at such exhibitions, the total exports during the relevant quarters registered a higher percentage.