Sri Lanka : Sparkling year for gem & jewellery sector

January 23, 2008

With the oil prices sky rocketing, the U.S. dollar hurtling in the opposite direction, and the subprime mortgage crisis in the United States – our biggest buyer – many forecasters were spelling gloom and doom as they looked towards the critical, end of the year holiday season.

But none of this is apparent when you analyze the export performance of the Gem & Jewellery Sector. We look back with pride on a year of export revenue that sets a new record.

The gem & jewellery industry was successful in earning Rs. 51.9 billion in the year 2007 and it was 16% growth compared with previous year’s figure of Rs. 44.9 billion. Gem exports equaled Rs. 10.4 billion 6% percent more than the amount reported in 2006.

The rise in jewellery exports has been even more significant, which recorded Rs. 2.89 billion, 17% percent more than in 2006.

Diamond re-exports earned Rs. 37.77 billion registering a 19% percent growth over the figure of 2006 which stood at Rs. 31.7 billion.

The Government having realized the importance of this sector has created a fiscal regime through Budget Proposals for 2008, that recognize the unique nature of the Gem & Jewellery industry.

I acknowledge the astute leadership of His Excellency Mahinda Rajapakse, whose sound economic policies created the ideal environment for the Gem & Jewellery industry to grow to new heights.

In it’s endeavors to promote the industry the National Gem & Jewellery Authority (NGJA) has made arrangements to organize “Sri Lanka Pavilions” at nine major international Gem & Jewellery Shows in 2008.

‘NGJA’ is in the process of finalizing arrangements with Sri Lanka Gem & Jewellery Association (SLGJA) to establish a state of the art Gem Testing Laboratory, which will issue an internationally accepted Gemstone Report.

National Gem & Jewellery Authority

Source @ Fibre2fashion.com