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| Sunday, 15 September 2002 |
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Free trade zone for gemstones? by Elmo Leonard
South Asia as a free trade zone for gemstones was advocated last week when Sri Lanka's international gem and jewellery show - FACETS 2002 - got under way in Colombo. As a first step, India and Sri Lanka must set up a free trade zone for gems and jewellery, Indian gemstone magnate, Rashmikant Durlabhji, who was a guest of honour at the 12th FACETS show, said. "Sans borders, and in unlimited quantities," was how he wanted a free trade zone established among SAARC nations. Such a free trade zone would spill over to a greater South Asian area, playing a leading role in the international gem and jewellery trade, Durlabhji said. Durlabhji, a seventh generation gem trader from the 'Pink City' of Jaipur, India, had done much towards making India a gem and jewellery centre. India is also the largest cutter of diamonds in the world, an outcome of Durlabhji's efforts. Sri Lanka, with the largest number of coloured gemstones in the world, has only 10,000 people engaged in mining, cutting and trading of precious stones. He lamented that the larger part of Sri Lanka's coloured precious stones was exported without being studded into jewellery. Durlabhji is a founder member of the International Colored Gemstone Association, the most powerful body representing gemstones in the world. "Just two per cent of the world's gems and jewellery is effected through India and Sri Lanka. When we make this figure reach five per cent, India and Sri Lanka would be a force to reckon with", Durlabhji said.
The much awaited gemmological testing laboratory in Sri Lanka, under the authority of the American Gem Traders' Association, would shortly take shape, Minister of Commerce and Consumer Affairs, Ravi Karunanayake said. Chairman, FACETS Organising Committee, Macky Hashim said that the gemmological testing centre would, in time, serve as a hub for gem testing in the region. Minister Karunanayake said the Government, within the short time it had been in office, had done all it could to improve the gem and jewellery industry. Due to a shortfall in gems available to the local trade, the Minister would shortly visit Madagascar, to explore the possibility of purchasing gems from the country to feed the Sri Lankan industry. The Commerce Minister said the Government would do all it could to add value to gem exports, as was the standard applied to all Sri Lankan exports. Over 50 stalls at the 12th FACETS show, held at Hilton Colombo, was sold out. Prominent among foreign participants were Australia and HongKong. The Commerce Minister said the ceasefire between the Government and LTTE was conducive to the participation of many international buyers from around the world. |
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