Sri Lankan Sapphires to soar in 2012

The Gem, Diamond and Jewellery sector has recorded an overall growth of 29.11% percent in 2011, earning a revenue of USD 547.24 Mn. in comparison with the corresponding figure of USD 423.85 Mn. in 2010. The following charts shows the growth in each sector,

YearGemsJewelleryDiamondTourist SalesTotal
201068.4415.82316.223.39423.85
201191.7019.00407.5029.04547.24

National Gem and Jewellery Authority (NGJA) attributed the industry’s strong performance to the dynamism, flexibility and determination of the Stake holders of the gem and jewellery industry and proactive business friendly policies of the government.

Thailand has become the top buyer of Sri Lankan Gems with an import value of USD 20.81 Mn. Narrowly exceeding the USA, which recorded USD 20.31 Mn. worth of gems imports from Sri Lanka. Hong Kong, Switzerland and Italy ranked 3rd , 4th & 5th recording import values of USD 19.43 Mn., 7.78 Mn. & 2.5 Mn. respectively.

Top 10 Export destination countries for Sri Lankan Gems

CountryExport Value in USD Mn.Variance %
 

2010

2011

  1. Thailand

14.25

20.81

46

  1. USA

17.73

20.31

14.5

  1. Hong Kong

11.61

19.43

67

  1. Switzerland

5.22

7.78

48

  1. Italy

0.54

2.50

361

  1. India

2.23

2.33

4

  1. Singapore

1.43

2.20

53

  1. Indonesia

1.53

1.88

22

  1. France

2.08

1.85

-11

  1. Malaysia

1.32

1.83

38

(Source – Statistics Division – NGJA)

Blue Sapphire boasted the pride of place by heading the variety list as always, proving yet again that Sri Lanka is the principal source for fine quality natural Blue Sapphires. In the year 2011 Sri Lanka was successful in exporting 330,318 carts of Blue sapphire to the value of USD 53.20 Mn.

Thailand and USA showing almost the same import values of Blue Sapphires; from Sri Lanka had Hong Kong, Switzerland & France trailing behind them as shown below.

Export of Blue sapphires – 2011

CountryExport Value (USD Mn.)% of total Blue Sapphire export value
  1. Thailand

14.50

27%

  1. USA

14.09

26%

  1. Hong Kong

13.65

26%

  1. Switzerland

4.14

8%

  1. France

1.20

2%

(Source – Statistics Division – NGJA)

It was unanimously agreed that “the Coloured gemstone industry must leverage on their products’ uniqueness, rarity and intrinsic value, and develop a more focused long term business strategy to remain competitive in the luxuary goods market”, by the trade members attending the mines to market conference held in Jaipur, India in November 2011.

The strengths and opportunities position Sri Lanka well to pursue further development of the gem and jewellery industry and make feasible the long term objective of creating Sri Lanka in to the Green & Ethical Trading hub of Asia with a wide variety of gemstones, latest designs and worldwide trusted customers.

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