Reproduced with kind permission from the National Gem and Jewellery Authority, Sri Lanka
Despite rising costs and slowing economy, the local gem, jewellery and diamond exports have remained resilient . The overall exports recorded a 16% growth during the first 8 months of 2008 notching up USD 347.5 Million in comparison with the corresponding figure of USD 298.6 Million in 2007.
According to a report on the global jewellery consumption by KPMG- India, last year , the world jewellery sales is expected to at 4.6 % year-on-year reaching USD 185 billion in 2010 and USD 230 billion in 2015. Indeed the world’s top luxury brands like Louis vuitton, Fendi, Christian Dior , Bottega Veneta and Hermes have been reporting record breaking sales this year , despite the less optimistic world economic outlook.
Amidst the increasing competition from established and new players in the market, can our jewellery sector stay competitive and ride on the strong growth potential of the global jewellery market? Leveraging on designs and innovations by offering customers designs to meet the needs of the discerning customers , collaborating across industries by blending jewellery , apparel and art , encouring cross pollination of ideas between local jewellers with designers and artists , will serve to highten the global visibility of our retail and design players and further enhance their growth .
We should urge our jewellers to build on Sri Lanka’s well established reputation as the most reliable source for fine quality natural sapphires of all colours and bring to market more innovative jewellery.