Gem export industry records growth

Thursday, 16 December 2010 00:11 - - {{hitsCtrl.values.hits}}

Sri Lanka’s gem, diamond and jewellery export earnings has exceeded Rs 6,949.4 million during the first 11 months in 2010 recording a three percent growth as against Rs. 6,745.5 million gem export value recorded in the corresponding period in 2009.

According to the National Gem and Jewellery Authority, the total Geuda and diamond re- export value for the first 11 months increased by 25 percent and two percent respectively when compared to the same period in 2009.

The total diamond re-export value was reported at Rs. 33,738.7 million for the first 11 months in 2010 as against Rs. 33,154.4 million in the same period in 2009. The diamond jewellery export value for the first 11 months in 2010 was Rs. 279.9 million indicating a 30 percent decrease as against Rs. 401.1 million diamond jewellery export value recorded in the same period in 2009.

Total jewellery exports recorded Rs. 1,332.8 million in revenue from January to November, 2010.

The total export value of RIE (Rough Import and re-export) from January to November 2010 was Rs. 157.2 million, although it was Rs. 174.9 million in 2009.

USA, Thailand, Hong Kong and Switzerland were the main buyers of Sri Lankan gems from January to August 2010 and USA accounted for 27 percent in gem exports during this period.

Belgium, Thailand, Israel and Dubai were the main buyers of the country’s diamond re-exports from January to August 2010 and Belgium accounted for 72 percent in diamond re-export exports during this period.

USA accounted for 23 percent in Sri Lankan Jewellery exports for the first eight months in 2010 and Dubai accounted for 29 percent in the country’s diamond jewellery exports during the same period in 2010.

Various incentives offered during the past five years have helped promote gems and jewellery effectively in the global market, the National Gem and Jewellery Authority said.

The 2011 budget has proposed to increase the foreign exchange allowance granted to import raw gem stones from US$ 10,000 to $ 50,000 per person. (www.info.gov.lk)