Sunday Sep 22, 2024
Sunday Sep 22, 2024
Tuesday, 24 July 2018 00:05 - - {{hitsCtrl.values.hits}}
Amana Bank Retail Banking and Marketing Vice President Siddeeque Akbar (left) hands over the sponsorship cheque to EDB Chairperson and CEO Indira Malwatte, LPC Chairman Rizan Nazeer, SLGJA Chairman A.H.M. Imtizam, Facets Sri Lanka Chairman Mushtaq Jabir and SLGJA Secretary Sheriff Rahuman
Blue Ocean Group Chairman S.Thumilan (right) and Blue Ocean Group Marketing and Business Development Manager N.M Azeem (left) hand over the sponsorship Cheque to EDB Chairperson and CEO Indira Malwatte, LPC Chairman Rizan Nazeer, SLGJA Chairman A.H.M. Imtizam, Facets Sri Lanka Chairman Mushtaq Jabir and SLGJA Secretary
Sheriff Rahuman
By Rahel Kirinde
Export Development Board Chairperson Indira Malwatta last week said that Sri Lanka should minimise regulations on the import of rough gemstones as our lapidary sector can be an asset for the country in the long run.
Speaking at the press conference of the launch of FACETS 2018 Malwatta said that the country should try and capitalise on the skills of local lapidaries by getting down rough gemstones from other countries.
“We should have rough gemstones coming into the country without any cumbersome procedures, it should be completely open to bring down before other countries stop the export in an attempt to keep value addition within their countries,” said Malwatta claiming that the other countries would eventually move into processing rough gemstones. 
She added that this is the opportune moment to get down rough gemstones from different regions of the world.“We would be able to add value through cutting and polishing rough stones in addition to it also complementing the fine stones of Sri Lanka,” she said.
“We are already cutting precision stones for the Geneva watch industry,” she asserted pointing out that this attests Sri Lanka specialises in lapidary as much as its global counterparts.
She also mentioned that foreign buyers always look to buy collection of calibrated stones in addition to the sapphires of Sri Lanka and therefore it is imperative that we actively encourage the lapidary sector.On a different note acknowledging the effort on developing the gem and jewellery industry within the country National Gem and Jewellery Authority (NGJA) Chairman Peshala Jayaratne said that the Government has started a program to provide incentives to associates of the industry. “We have especially looked into giving incentives to individuals involved in mining, and focus on minimising the risk of injury,” he said.
“We have also directed our attention to improving the lapidary sector since we also see it as one that has great potential to increase foreign exchange revenue through value added exports,” he stated adding that plans have been made to reduce taxes on jewellery related imports.
Speaking on the future of the gem and jewellery sector Malwatta said that the industry has shown good progress and will bring in a large amount of foreign exchange to the country. “We should be able to earn $1 billion within the next five years through this sector,” she said.
On a different note Malwatta said that the signing of the Sri Lanka-China free trade agreement (FTA) will be extremely vital for Sri Lanka as we would re-enter the Chinese market which was formerly the leading importer of Sri Lankan gemstones. “At present exports are taken under a carnet, if import duties are removed there will be a free flow of gemstones and a higher demand.”
The Sri Lanka Gem and Jewellery Association on Wednesday announced the 28th edition of the FACETS international gem and jewellery exhibition.
The exhibition will be held from 30 August to 2 September at the BMICH and will showcase a number of local and foreign exhibitors showcasing their gem and jewellery products.
“This is the only trade fair that has continued uninterrupted for a long period of 28 years, it is extremely honourable that we witness the commitment of the members of the gem and jewellery sector that have kept this going for this long,” said Export Development Board Chairperson Indira Malwatta speaking at the press conference of the event at OZO Colombo.
She added that FACETS can be seen as a training ground for local gem and jewellery companies looking to tap into the global market. “FACETS has paved way for several individuals to take part international trade fairs,” she said. She also mentioned that 14 SMEs will be represented in this year’s exhibition.The exhibition will also include a glimpse into the lapidary sector of the gem and jewellery industry, a rapidly developing part of Sri Lanka’s value added export sector.
Highlighting the significance of the exhibition for the country in a global context National Gem and Jewellery Authority (NGJA) Chairman said, “This can be seen as the first step in making our gem and jewellery industry stand out against the rest of the world, this will also enable us to stay in competition with our counterparts.”
“We have also observed that recent global economic trends have not shown an overall decrease in demand for gemstones and other related goods therefore it is our duty to keep our supply in line with new inclinations,” he said.
The FACETS international gem and jewellery exhibition features a range of precious stones, gold and silver jewellery, exquisite watches in addition to semi-precious stones, coloured stones and costume jewellery. Delegations from Nepal, Myanmar, Hong Kong, China, Russia and France, will also feature at the exhibition.
