Gem and jewellery industry confident of reaching $ 1 b target before 2016

By Rashika Fazali

In 2012, the gem and jewellery industry grossed export earnings of US$ 643 million, revealed Gem and Jewellery Authority CEO and Chairman Prasad Galhena. He further stated that this year, they are looking at achieving a target of US$ 800 million.

Speaking at the SLT Rainbow Pages concept launch for 2013 held at Galle Face Hotel earlier this week, Prasad acknowledged that Sri Lanka can certainly achieve the Government’s target for the gem and jewellery industry of US$ 1 billion before 2016. But in order to do that, he emphasised on the need for complete awareness on the gemstones Sri Lanka produces and polishes.

To do the honours, the national telephone and business directory, SLT Rainbow Pages has chosen the gem and jewellery industry as their concept for this year’s directory. The National Gem and Jewellery Authority have joined hands with them to promote Sri Lanka gemstones locally and globally.

The SLT Rainbow Pages 2013 will consist of information about the industry, from the history of gem mining, names and descriptions of the different varieties of gems found in Sri Lanka, to the features of a good gem and the kind of role the industry plays in the country’s future.

Commenting on the public’s understanding of the industry, Galhena stated, “Though Sri Lanka is known as the country with the highest variety of gems, we Sri Lankans are not aware of it. The best precision cut stones are in Sri Lanka, yet we do not know it. We want to make Sri Lanka an international centre for coloured stones.”

Sri Lanka is considered to be the fastest developing gem cutting and finishing centre in the world, producing stones as small as one third of a millimetre with either very low or zero tolerance. The gem cutting factories in Sri Lanka cater to a high-end clientele such as Rolex, Mont Blanc, Tiffany and many more.

At the moment, Sri Lanka is home to over 70 varieties of gemstones out of 200 gemstones such blue sapphire, cat’s eye, garnet, zircon and topaz to name just a few.

Addressing the gathering at the launch on the necessity of joining the gem and jewellery industry to further their endeavours, SLT Publications and SLT VisionCom CEO Malraj Balapitiya said, “We believe in using the SLT Rainbow Pages to bring important insights and information to people across the island. Every year, we look for an industry that is deserving of the far reaching publicity our directory offers.

“Having examined our options carefully, we determined that in 2013, our strength would be placed behind the promotion of the local gem and jewellery industry. We believe that this industry plays a pivotal role in the country’s development and is a vital component of future growth in terms of trade, revenue, tourism, jobs and income generation and more.”

SLT Publications Sales and Marketing General Manager Ruwan Wijetunga added that purchasing gems can only be seen as good as it can be invested in, used in jewellery or for astrological purposes.

This year’s SLT Rainbow pages will be extended to other telecommunications operators and providers and clients can also view the directory through their new mobile application.