Sri Lanka targets US$ 1 billion in gem exports

As Sri Lanka has set a target of US$ billion in gem exports, its gem export values have surged 135% over the last five years, according to the Minister of Industry and Commerce Rishad Bathiudeen.

The Minister revealed that the total gem exports that stood at US$70 Million in 2010 have increased by 135% to US4 165 million by last year. Jewellery exports in the same period have increased by 31%.

Speaking at the opening ceremony of the Facets 2015 Gem & Jewellery show, Minister Bathiudeen said Sri Lanka is considered to have a true ‘mine-to-market’ gem industry in the world. He added that the attraction of gems of Sri Lankan origin across the world has seen continued rise during the recent years.

Minister Bathiudeen pointed out that Sri Lanka’s gems are of high quality and are also affordable across the world due to the low manufacturing costs.

“To gain the maximum revenue potential of our gems, I believe that it is time our industry expands its focus from “top-end global consumers” to more and more “mid-range” consumers as well. The “mid-range consumers” are a much bigger market,” the Minister said.

Mr. Bathiudeen noted that the low manufacturing costs in the gem industries are also a welcome sign for global gem manufacturers who want to partner here. He encouraged the investors to come to Sri Lanka so that the industry will stand to benefit from new high tech-machineries and techniques.

Speaking at the event, Bandula Egodage, the Chairman of the Export Development Board (EDB) said the Gem and Jewellery sector has been identified as a thrust sector and the Board is looking at a one billion dollar gem export volumes in the future.

“We aim to reach the highest level of gem revenues through value addition. We also need to make Sri Lanka a prime sourcing destination for gems. Our claim is we have the best sapphire in the world as well as best skilled craftsmen are in Sri Lanka. What we need is the correct vision. Despite having the best sapphires in the world, we are not the best sourcing destination for it due to competition from another country which takes our sapphires and builds its own brand,” Egodage explained.

Egodage said the EDB is promoting the Facets exhibition during the past 25 years and also giving SMEs an opportunity to join. With all these initiatives they are confident of reaching the US$ 1 billion target, the EDB chairman said.

The just concluded four-day show from September 3-6 attracted the highest number of international gem stone buyers in its 25-year history while the total number of visitors exceeded 10,000. (CP)