Gem traders to elevate the industry with US$315 million revenue at present
By: Staff Writer
Colombo (LNW): The Sri Lanka Gem and Jewellery Association (SLGJA), at its 21st Annual General Meeting (AGM), stressed on industry collaboration and a resurgent export economy through sustainability to uplift the sector.
In the mean time Sri Lanka has generated US$315 million in revenue from the export of gems and jewellery so far in 2023, recording a growth rate of 34 percent.
“In the previous year, we achieved a significant income of 230 million dollars through gem exports. Notably, in the year 2023, our gem and jewellery exports have yielded a substantial revenue of 315 million,” official sources said.
The Each exported gem is meticulously assessed to ensure the inflow of foreign exchange, while, in the past, Sri Lankan gems were auctioned abroad, robbing the country of appropriate remuneration, a senior official said.
“The Central Bank’s reports confirm a remarkable 34 percent growth in export revenue for the Gems and Jewellery Authority.
Steps have also been taken to resolve exporters’ challenges, with open lines of communication for exporters accessible at all times,” Dassanayake was quoted as saying in a statement released by the President’s Media Division (PMD).
SLGJA Chairman Ajward Deen addressing the AGM asserted that the association has dedicated substantial efforts to implementing a series of strategic initiatives, with the aim of elevating and enhancing the industry.
By adhering steadfastly to ethical mining standards, the association aims to empower miners to augment gem production and explore new mines in a sustainable and responsible manner.
The long-term approach of the SLGJA is specifically designed to ensure the sustained growth of the industry, enabling it to meet the ever-increasing global demand for precious stones.
Anticipated enhancements, such as streamlined export processes and more flexible regulations pertaining to gem exports, are poised to reinvigorate the industry, reaffirming its pivotal role as a substantial contributor to our local economy, said Deen.
He went on to affirm that the SLGJA would continue in its endeavours to bring about substantial advancements in the upcoming year, with the objective of ensuring the industry’s continued robust growth.
As the foremost authority acknowledged by the Sri Lankan government in the field of gem and jewellery, the SLGJA stands as the collective voice for all facets of this industry.
From miners, manufacturers, wholesalers, retailers, exporters to lapidarists and beyond, the SLGJA is committed to tirelessly advocating for the rights and interests of the entire trade.