Royal engagement boosts interest in Sri Lankan gems

by Lalin FERNANDOPULLE

Sri Lanka’s gems reputed the world over made headlines once again as the star studded blue sapphire found its way to the royal palace on the engagement ring from Prince William to Kate Middleton.

The engagement ring with the Sri Lankan blue saphire

Global interest has been boosted on Sri Lanka’s gems following the prestige the precious stone received through the royal betrothal.

“We have received plenty of inquiries from across the globe to supply engagement rings studded with blue sapphires and diamonds”, Chairman, National Gem and Jewellery Authority (NGJA), Anil Koswatte said.

“Sri Lanka has made great progress in the gem and jewellery market with foreign exchange earnings expected to double in the next five years”, he said.

Foreign exchange earnings from the industry has increased to around US$ 400 million from US$ 200 million in 2005.“Our aim is to shift Sri Lanka from a raw primary exporting country to a value-added high quality product exporter”, Koswatte said.

Sri Lanka known as the pearl of the Indian ocean lives up to its nickname as a hotbed for a variety of exquisite gems which are sought after in the global market.

The country is home to around 75 of the 200 varieties of gems in the world. Gems are commonly found in Ratnapura, Eheliyagoda, Balangoda and Kahawatte.

Various incentives offered during the past five years have helped promote gems and jewellery effectively in the global market.

The 2011 budget has proposed to increase the foreign exchange allowance granted to import raw gem stones from US$ 10,000 to $ 50,000 per person.

Prince William and Kate Middleton

A simplified procedure will be introduced jointly by the Customs, Exchange Control and Export and Import Control Departments to facilitate import of gems for processing and value addition.

The budget also has proposed to remove all taxes on raw gems at the point of import.The Geological and Mines Bureau will undertake a national survey to assess the country’s gemming resources and to workout a long-term strategy relating to gem mining in Sri Lanka.

“The industry should develop products and venture into new markets to expand the gem trade”, the Chairman said.

Sri Lanka is a leading gem bearing country. Gems are produced mostly in Brazil, South Africa, Thailand and Sri Lanka.

The NGJA plans to develop SME entrepreneurs providing technology, training and international exposure. The Association has commenced a joint program with the Engineering Design Centre of the University of Moratuwa to develop the technology for the industry.

“Our objective is to make Sri Lanka a gem and jewellery hub producing a number of gem stones and latest jewellery for worldwide customers”, Koswatte said.

Sri Lanka’s gems have found their way to many a court since time immemorial. King Solomon, the epitome of wisdom had gems bought from Sri Lanka to woo hearts and win the hand of Queen Sheba, legendry folklore states.Sri Lanka’s precious stones are better known as Sihalite and Celonite. The stones are cut and polished to improve lustre. Radiance and luminosity are factors that determine the price of precious stones.

NGJA has planned to hold the first Jewels Sri Lanka 2010 international gem and jewellery trade show at the BMICH from December 10-12.