Gem and jewellery industry must triple export revenue – Minister

By Cheranka Mendis

The local gem and jewellery industry must target tripling its export revenue, Minister of Environment Anura Priyadarshana Yapa said yesterday at the closing ceremony of Sri Lanka’s largest gem, mineral and jewellery trade show, ‘Jewels 2010’.

The industry, which saw a 6.16 per cent growth during the January to October this year over the same period in 2009, would have to market the products with more value additions in the international arena in order to achieve this target. The export of gemstones and jewellery, which is so far done at a primary level, must be elevated and all participants in the spectrum of the trade must aggressively focus on developing their arena of work.

Yapa claimed that to uplift the industry to such standards, Sri Lanka must partake in almost all trade and exhibition fairs in the international market.

“The industry must focus on tripling its export revenue within the next few years to partake in the country’s development process. Sri Lanka, which is targeted to become an economic and commercial hub, must increase all industry revenues,” Yapa said.

“The gem and jewellery industry must play a foremost role in this development process.”

The industry must be developed into one of the main export revenue items and new and modern technology for mining and other such fields will be introduced soon, he said. “Sri Lanka must also become a buyers’ meeting place in the international industry soon,” the Minister asserted.

The first 10 months of the year drew in revenue of approximately US$ 262 million, while the gem industry brought in revenue of US$ 126 million and jewellery US$ 17 million. In total the industry fetched revenue of US$ 405 million. In 2009 the industry fetched revenue of US$ 382 million.

Chairman/CEO of the National Gem and Jewellery Association Anil Koswatte stated that in total 187 stalls were featured at the show, which ended yesterday. Almost 95 of the main export traders in the industry exhibited their products at ‘Jewels 2010,’ while 64 SMEs from Hambantota to Trincomalee also participated. Awards for the competition organised by the Gemmology Association of Sri Lanka were also presented at the event. Awards were given to the ‘Best Natural Crystal on Display’ at the competition site, which was in Hall A of the Sirimavo Bandaranaike Memorial Hall, ‘Best Laboratory Art,’ ‘Best Gem Studded Jewels,’ and ‘Best Gemmological Photography’.