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| Sunday, 14 September 2003 |
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| News Business Features Editorial
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Colombo glitters with gems and jewellery by Elmo Leonard FACETS, the international gem and jewellery show, was held for the 13th time in Colombo last week, with the wide participation of buyers from all over the world. This year's event was also the largest with 80 stalls, compared with 50 to 60 stalls during the previous years. The FACETS organisers plan to expand the annual show in the coming years. Chairman FACETS Organising Committee, Macky Hashim said the number of stalls would be increased to 125 next year. The exhibition began in 1990, with Rs 500,000 collected by the Sri Lanka Gem Traders' Association, and the assistance of the National Gem Corporation and the Sri Lanka Export Development Board (EDB). Hashim told the inauguration that Prime Minister Ranil Wickremesinghe and Minister of Enterprise Development, Industrial Policy, Investment Promotion and Constitutional Affairs, Professor G.L. Peiris, had understood the potential of the gem and jewellery sector and afforded concessions to the trade. The National Gem and Jewellery Authority and its Chairman, Tennekone Rusiripala were equally pragmatic and willing to assist the industry, but the EDB is yet to fully fall in line with assisting the development of the industry, he said. Minister Peiris said the Government had addressed a main need of the gem industry, low interest capital, and reduced Central Bank's lending rates. Private banks would in turn have to reduce interest rates for the industry to benefit. The gem industry is attempting to build brand consciousness for Sri Lanka's sapphires, which are, by far, the best sapphires in the world, he said. The guest of honour on the occasion was President, Ryokusei Japan Co Ltd, Toshio Okamoto. According to Hashim, Okamoto was a young grocery owner before branching into the gem trade. He deals only with coloured gemstones, which augurs well for Sri Lanka. Okamoto had travelled all over the world to purchase gemstones and his company is now a leader in the field in Japan. He has published seven books on gems and jewellery, which are household names in the country. He has been making gem-studded jewellery for the young and the old segments of the market from April this year. The in-between segment has been left to other jewellery manufacturers. He also caters to men. Okamoto plans to make inexpensive jewellery for everyone and has purchased many coloured sapphires from Sri Lanka for this purpose. Sri Lanka exported Rs 25.2 billion worth of gemstones in 2002 from Rs 21.8 billion in 2001. In 1995, the island's gemstone exports were worth a mere Rs 12.7 billion. |
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| Editorial | Security Produced by Lake House |
