Gem exports grow 46% in 2012

Saturday, 17 March 2012 00:00 - - {{hitsCtrl.values.hits}}

The gem, diamond and jewellery sector has secured an overall growth of 46 per cent in the first two months of 2012, earning revenue of Rs. 10,851 million in comparison with the corresponding figure of Rs. 7,449 million in 2011.

The official Government website said in a posting that the export of fine gemstones brought in revenue of Rs. 2,379 million, recording 43 per cent growth, while jewellery exports generated revenue of Rs. 463 million, recording an impressive 48 per cent growth.

The service cutting industry showed signs of recovery by recoding Rs. 46 million in income, with 40 per cent growth.

Blue sapphires took pride of place by heading the variety list as always, proving yet again that Sri Lanka is the principal source for fine quality natural blue sapphires. In 2011 Sri Lanka was successful in exporting 330,318 carats of blue sapphires to the value of US$ 53.20 million.

The National Gem and Jewellery Authority (NGJA) attributed the industry’s strong performance to the dynamism, flexibility and determination of the stakeholders of the gem and jewellery industry and proactive business friendly policies of the Government.

“The feedback we are getting from traders who are exhibiting at Basel World – 2012, which is considered as the most prestigious event in Europe, is very encouraging,” said National Gem and Jewellery Authority Chairman Prasad Galhena.

European buyers are showing keen interest in fine quality blue sapphires of large sizes, he added.

In its export market promotion programme this year, NGJA intends to organise Sri Lankan pavilions at international gem and jewellery events including Jewellery Shanghai Show in May, Hyderabad Jewellery, Pearl and Gem Fair in June, Singapore International Jewellery in July, Hong Kong International Jewellery Show in September, Malaysia International Jewelex in October, China International Jewellery Show (Beijing) in November and China International Gold, Jewellery and Gem Fair (Shanghai) in December.

“The sector is continuing its growth momentum and progressing towards becoming a one billion dollar industry by 2016 with plans to sustain the existing markets while focusing on emerging markets,” the Chairman added.