This article is reproduced with kind permission from the National Gem and Jewellery Authority.Gem Talk Jan-Mar 2009
The Gem,Diamond and Jewellery sector has recorded an overall growth of 18.76% during the first 11 months of 2008 earnig a revenue of USD 501.3 million in comparism with the corresponding figure of USD 422.1 million in 2007, but the feedback we get from all the exhibitors who participated in the “Sri Lanka Pavillion” organized by the National Gem and Jewellery Authority (NGJA) commencing from june 2008; expressed concern over the onset of recession in the United States, the world’s biggest gem and jewellery market, whose ramifications are of international nature.This promted us to look actively at other markets such as China, Russia, India and the Middle East.
Despite the fact that penetrating the Chinese market is far from easy, surely no one can afford to miss such a great opportunity. ‘NGJA’ has been striving hard for the past two years to open the gates to the Chinese market for the Sri Lankan members of the trade ,thus providing the Chinese counterparts with a fair and ethical gemstone sourcing. One important step in that direction is organizing a “Sri Lanka Pavillion” at the November Shanghai Gold, Jewellery and Gem Fair for the second consecutive year in 2008. Sri Lankan members can be optimistic about the Chinese market and the opportunities it provides and its huge potential for the future.
The countries expanding economy ,rising standard of living and vast foreign investment, which is expected to grow further are all likely to create a huge new business opportunity for the gemstone industry.
With these important initiatives and alliances ,the ‘NGJA’ will without a doubt have a significant role to play , in order to carve a niche as a supplier of fine quality gems to the vast Chinese market.
National Gem and Jewellery Authority