Big demand for Facets 2012

Friday, 22 June 2012 02:53 - - {{hitsCtrl.values.hits}}

By Cheranka Mendis

Held for the 22nd consecutive year, Sri Lanka’s international gem and jewellery exhibition ‘Facets 2012’ is geared to make bigger waves in the market with 154 stalls being sold out already.

Scheduled to be held from 5 to 8 September at the Sirimavo Bandaranaike Memorial Exhibition Centre at BMICH, the exhibition has attracted large delegations from across the world, in particular China, India and Russia within the past few years and is likely to grow in numbers this year.

Launching the FACETS website from left: is SLGJA Chairman Macky Hashim, National Gem and Jewellery Authority Chairman/CEO Prasad Galhena and EDB Chairman/CEO Janaka Ratnayake – Pic by Daminda Harsha Perera

Facets Chairman Juzar Adamaly at the official launch on Wednesday stated that the world renowned show has entered into the calendars of key jewellery importers, wholesalers, manufacturers, retailers and collectors from leading organisations globally. “They look forward for the event to come purchase direct from the sources,” Adamaly said. “Last few years we have had an influx of those engaged in the field from various parts of the world with very large numbers showing interest from China in particular.” He commented that China is an important market for the industry with large numbers not only attending the show but requesting local presence in Chinese trade fairs as well.

Started in 1991 with just 40 booths at the Hilton Colombo, the event last year attracted approximately 8000 visitors of which 2000 were foreign delegates. With the industry targeting US$1 billion exports by 2015 from the present Rs. 555-600 million, Facets help create awareness and attract more buyers year after year. It has been noted that exports of gem and jewellery peak in months following the exhibition.

The renewed interest for the industry comes from the laxative economic conditions prevailing the post war condition and the zero tax regime for exports and imports of gems. Facets is organised by Sri Lanka Gem and Jewellery Association with National Gem and Jewellery Association and Export Development Board coming forth as principal and co sponsor respectively.

Gem and Jewellery Authority Chairman Prasad Galhena acknowledged that the industry is now in a similar position as the pre apparel industry. “Back then achieving the current status we are enjoying in the apparel sector was seen as a pipe dream. But I believe the gem and jewellery industry is in a similar position now. We must learn from the apparel industry and move forward.” He reminded that the country has gem bearing land except for the North and East and that the record for the highest number of gemstones in the world comes is held by Sri Lanka.

What is lacking in the industry is marketing, he said and called on industry stakeholders to invite and bring in more renowned brands to the country just as apparel industry did with Marks and Spencer, Victoria’s Secrets etc.

Noting that stakeholders now expect non traditional thinking and quicker action, Galhena made three requests from the industry at the launch. He requested the industry to increase the local value addition, to develop local brands to go international and to bring international brands to Sri Lanka for backward integration stating, “You must carry out entire value addition to the chain within the country as much as you can.”

He also quipped that Facets is no longer a child but a grown adult and will soon have to become independent and not seek funds from parent associations.