Gem and jewellery exports target $ 1 billion

Gem and jewellery exports have increased with Russia, China, Italy and many Middle East countries showing tremendous interest in Sri Lankan gems, Sri Lanka Export Development Board (EDB), Chairman Janaka Ratnayake said. He was speaking at the Jewels Sri Lanka an international gem and jewellery exhibition at the BMICH on Friday. The exhibition was organised by the Sri Lanka Gem and Jewellery Authority for the second consecutive year.

The EDB targets a revenue of $ one b from exports of gem and jewellery in 2015 and $ 15 b by 2020 from all exports. Sri Lanka's export revenue currently is around $ 10 b. Sri Lanka exported 330,318 carats of blue sapphires to the value of $ 53.20 m last year.Sri Lanka should market its precious stones through exhibitions of this nature which will help attract international buyers, a foreign business delegate said.

“Sri Lanka was known as Ratnadeepa, the island of gem stones. It has mesmerised the world for ages with its unique stones which are renowned globally for quality and pristine appearance. The blue sapphire, red sapphire, diamonds and ruby are some of the exquisite varieties.Sri Lanka Tourism research show that a large number visitors are attracted to Sri Lanka for its rare varieties of precious stones.Gem and jewellery is a trust sector in Sri Lanka's development efforts. The industry employs a large number of people,” Ratnayaka said.

The EDB has recognised the immense potential of the gem industry to boost export revenue. A delegation comprising officials from several companies will attend a trade fair in China where Sri Lanka will set up a pavilion to showcase precious stones.A gem and jewellery stall, Ratnadeepa will be set up at the World Trade Centre shortly, an EDB official said.The three-day exhibition concludes today.

- LF