This article was reproduced with kind permission from the National Gem and Jewellery Authority.
The outlook for 2009 is tempered by a high level of uncertanity over the world market conditions. The economic conditions in the US could continue to impact consumer sales in gems,diamonds and jewellery. Nevertheless strong demand from China, India, Russia and the Middle East is expected to continue,which would sustain pricing forlarge stones of high quality.
For Sri Lanka as for most elsewhere ,inflation in all likelyhood remained the predominant economic scourge for the second half of 2008.This is primarily the potentially inflationary impact of currency developments, slow down in tea and rubber exports are also slacking.
By now everyone is well aware of the soft marketing climate, where even affulent buyers and consumers are tightening their belts.It is observed that under the pressure of high and fluctuating gold prices buyers opt for products with lower gold contents .At the key industry events held in the second half of 2008 it was evident that large sapphires and rubies of exceptional quality moved well.The watch industry has observed an upward trend favouring the use of coloured gemstones whether precious or semi precious.
In light of the foregoing there is precious little ,if any, room for negligence and slip-ups.We should be quick to respond to changes and challenges and work like true professionals.
Editorial for Gem Talk volume 10. January to March 2009