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| Sunday, 6 October 2002 |
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Indian expert advocates free trade zone for gems and jewellery by Elmo Leonard Rashmikant Durlabhji (66), the seventh generation gem trader from India, is perhaps the Asian who has done most to champion the cause of coloured gemstones worldwide. Durlabhji was the guest of honour at Sri Lanka's annual gem and jewellery show, FACETS, concluded in Colombo recently. He urged Sri Lanka to take a leaf from India, which, in spite of being a non-producer of gemstones, is far ahead of Sri Lanka in the international gem and jewellery trade. Durlabhji is one of 100 international gem traders who met in Tel Aviv in 1983, intent on promoting gemstones. This meeting was the forerunner to the setting up of the International Colored Gemstone Association (ICA). The ICA, comprising 400 members, is the paramount world body for the gem trade. The members promote coloured gemstones universally, travelling at their own expense. The ICA Board met in Colombo in 1988, and again in 1989, when its congress was held at the Hilton Colombo. The idea of staging the FACETS show was conceived around this time. Sri Lanka is the South Asian source of coloured gemstones, Durlabhji said in an interview. The island is also the world's foremost source of the most beautiful coloured gemstones, having 52 varieties, of 150 known types. But, Durlabhji lamented, at the FACETS 2002 show concluded last month, 45 of the local stalls sold cut stones, while only 15 booths sold gem-studded jewellery. Only 10,000 Sri Lankans are engaged in the gem and jewellery trade, while 1.3 million Indians are occupied in this industry in India. Fifty per cent of Sri Lanka's finished stones are exported as stones. "The whole Sri Lankan trade must form into a single group, intent on exporting only jewellery studded with precious stones," he said. At the FACETS 2002 show, Durlabhji invited members of the Sri Lanka Gem Traders' Association to take part in the 'Jewel in the Crown Congress 2003,' to be held from January 5 to 9 at Rajputan Palace, Sheraton, in the Pink City of Jaipur, India. Jaipur is the hub of India's jewellery trade. India is also the world's largest consumer of gold. Durlabhji contented that the habit was not a drain on the Indian economy, but a form of saving for the nation. The international jewellery market is worth around US$ 70 to 80 billion, while India and Sri Lanka accounted for just three per cent of that market. Durlabhji said the two neighbours could jointly secure five per cent of the global market, which would have a considerable impact on the economies of both countries. Durlabhji's father, Khailshanker Durlabhji was instrumental in setting up the Indian Gem and Jewellery Export Promotion Council in 1966, which counts 8,000 members now. From 1975 to 1983, Durlabhji (Jr) was vice president of the Council, and president during 1983 and 1985. During that period, he set up a gem testing laboratory; a gemstone artisans training school; and a jewellery product development centre. These measures sent the Indian gem and jewellery industry soaring above that of Sri Lanka. India is the largest cutter of diamonds in the world, which is a US$ 1 billion industry. The diamonds are purchased from De Beers, and the average Indian value addition is 30 per cent. Also passing through Indian hands are 80 per cent of the world's emeralds, which, value-wise, comprises 40 per cent, and 90 per cent of the world's tanzanite. India's gem and jewellery business nets in US$ 6 billion annually. The leaders in the Sri Lankan gem and jewellery business know the top-end of the international gem and jewellery market, Durlabhji said. America is the world's largest buyer of gems and jewellery, followed by Japan and Europe. For Sri Lanka to succeed, the whole trade should come under one cluster. Durlabhji advocated the setting up of a gem and jewellery free trade zone, as a first step, between Sri Lanka and India. This should then cover the SAARC countries, and later, the greater South Asian region. Trade should be trans-borders and without restrictions. Durlabhji's dream is for the whole world to be a single gem and jewellery market sans barriers. |
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