Sri Lanka Gem & Jewellery Exports Show a Significant Growth in Q1 of 2011

05th May 2011, www.dailynews.lk, By Charumini De Silva

There is a significant growth in gem and jewellery exports in the first quarter of this year.

Speaking to Daily News Business National Gem and Jewellery Authority (NGJA) acting Director General Ajith Perera said there is a 10.6 percent increase in the total export of gems. The value generated increased from Rs 2,242 million to Rs 2,479 million compared to the corresponding period last year.

He said a marked improvement was indicated in the gem and diamond studded jewellery segments.

The diamond studded jewellery exports recorded a 89.8 percent growth while generating Rs 111 million. It was Rs 59 million in the first quarter last year. The gem studded jewellery exports grew from Rs 343 million to Rs 361 million, marking a growth of 5.1 percent.

“The NGJA is pleased with the first quarter performance and is confident that the industry will record a better growth this year if the momentum continues. We encourage value added gems and jewellery exports as the exporters could gain higher returns.

“The value addition of converting gems into jewellery has benefited exporters, which has also encouraged them,” Perera said.

He said they are expecting a growth of 10 percent compared to last year’s total growth, while expecting total exports of this sector to be Rs 50 billion.

With the announcement of the Royal Wedding; there was a huge demand for Sri Lankan Blue Sapphires from all over the world. The NGJA also promoted Blue Sapphires via the website and received a commendable response.

Sri Lanka will participate in the Jewellery Shanghai Show in China from June 16 to 19 with a participation of around 40 gem and jewellery industrialists.

The NGJA will be organizing the Sri Lankan pavilion and is looking forward to increase the business activities throughout the show as NGJA is eagerly focusing on the Chinese market.

He said China and India are emerging well in the gem and jewellery industry. The NGJA will be participating in four leading gem and jewellery shows. “We are also focusing on the Hong Kong, Thailand, Singapore, Malaysia and Turkey,” he said.

“We are organizing several promotional activities in Turkey as it is one of the countries that has a thriving gem and jewellery industry.

“Another reason to select Turkey is that the country is neighbouring Russia. Russia has a great potential, but the Custom formalities are much higher. Hence, having promotional activities in Turkey will help Sri Lanka to attract more buyers from Russia,” Perera said.

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