All-time high record price for New Vithanakande and Lumbini Teas
Daily FT: At the Colombo Tea Auction held on 31 October/1 November 2023, New Vithanakande Tea Factory had achieved a record price of Rs. 4,600 for its BOP1 grade, breaking the previous record of Rs. 4,500.
This factory produces a wide range of quality teas and continually sells at the highest levels at the Colombo auctions and has won many National and International awards.
The company is owned and managed by M.G Group of companies. The CEO of this factory is Patrick Vanderpoortan and COO is Pubudu Gunasekera.
This tea was purchased by Vintage Teas Ltd., and successfully marketed by Asia Siyaka Commodities.
Separately, an invoice of Orange Pekoe No.1 (OP1) grade offered for sale from Lumbini Tea factory, Deniyaya achieved an all-time record price of Rs. 4,550 per Kilo.
Previous record for this grade of tea was Rs. 4,400. This tea was purchased by Vintage Teas Ltd., and marketed by Asia Siyaka Commodities.
Lumbini Tea Factory manufactures some of the finest Orthodox Black teas which receive national and international recognition. Lumbini Tea Factory holds multiple records for prices achieved at the Colombo Tea Auction.
Lumbini is owned by the Jayawardena family and managed by Managing Director Chaminda Jayawardena.
OSL take:
Sri Lanka’s tea industry, like many other industries in the country, is on a growth path. Local authorities are also focused on further developing the tea industry, which continues to be one of Sri Lanka’s key export crops. Sri Lanka is working hard on regaining the top slot enjoyed by Ceylon Tea in the global market in the past. In order to uplift and develop the country’s tea industry, the government of Sri Lanka has launched several programmers including incentive packages for businesses engaged in the industry. Meanwhile, local export authorities continue to promote Sri Lankan tea in New foreign markets while also encouraging local producers to diversify their product portfolios through value additions. All these activities have resulted in an expansion of business/investment opportunities in Sri Lanka’s tea industry. Given the growth and business potential in the industry, which enjoys the benefits of the many trade agreements as well as trade concessions enjoyed by the country, foreign businesses/investors could confidently explore the growing opportunities in the industry. Foreign businesses could also look at forming partnerships or joint ventures with local businesses engaged in the industry with the aim of further expansion.
| Article Code : | VBS/AT/20231107/Z_3 |