From mine to market :

Gem and jewellery revenue to top $ 1b

by Lalin FERNANDOPULLE

Gem and jewellery, a potential export market for the country will be a US$ 1 billion industry within the next five years, said Chairman, National Gem and Jewellery Authority, (NGJA), Anil Koswatte.

He said a strategic plan has been formulated to enhance the quality of gemstones and boost export revenue to achieve the target.

A miner sieves for gems.

The gem and jewellery export development program comprises a rewarding scheme for value added exports, a fully fledged laboratory to issue international level certificates for precious stones and precious metal and a shopping mall to attract foreign buyers. Koswatte said the shopping mall will be linked to all leading hotels across the country with an outlet at the international airport.

The laboratory and shopping mall will be set up at the World Trade Centre within the next three months.

Koswatte said the strategic plan is formulated by industry stakeholders that comprise the Ministries of External Affairs, Economic Development, Environment and Natural Resources, the NGJA and exporters."Income from the gem and jewellery industry was US$ 500 million last year and this year earnings would be much higher due to value added exports", Koswatte said.

"Steps taken to liberalise the gem and jewellery industry and curtail the export of stones in raw form will help generate more income to the country", he said.

Sri Lanka is one of the five most important gem bearing nations in the world.

The country has been known for centuries for its finest precious stones and called the 'Rathnadeepa', the island of gems.

These precious stones have adorned the crowns of kings and rulers from time immemorial and have bedecked royalty world over including Queen Victoria and Princes Diana.

Currently there are over 200 varieties of gem stones in the world of which 70 are found in Sri Lanka.

The State Gem Corporation set up in 1971 to face global challenges and develop and manage the entire business value chain was reconstituted as the National Gem and Jewellery Authority in 1993 to promote and develop the gem and jewellery industry in Sri Lanka.