Opportunity Sri Lanka | » CGJTA makes boldest move to boost gems of Sri Lanka
CGJTA makes boldest move to boost gems of Sri Lanka

CGJTA makes boldest move to boost gems of Sri Lanka

Daily FT: The China fort Gem and jewelry Traders Association (CGJTA) yesterday unveiled ‘Gem Sri Lanka’ (GSL), a world-class inaugural trade exhibition in January next year to highlight the country’s rich and unique precious collection.
The three-day event at Cinnamon Bentota from 11 to 13 January is marketed as “a celebration of gemstone” and aims to shed light on Sri Lanka’s immense potential for growth in the gemstone trade, as the country’s availability of timeless and rare natural stones is yet to be fully realized.
The venue is adjacent to Beruwala, described as the world’s largest open air gem market.
The launch was attended by a galaxy of officials including the state minister for Primary Industries Chamara Sampath Dasanayake, heads of the National Gem and jewelry Authority of Sri Lanka (NGJA), and the Export Development Board of Sri Lanka (EDB). SJB MP Eran Wickramaratne was also present.
Gem Sri Lanka Chairman Hilmy Cassim said: “We are excited to launch Gem Sri Lanka, the platform to introduce and expose our young talent to the international market, whereby we connect the source to the world.”
The GSL is fully endorsed by NGJA and the EDB. The platinum sponsor is Guild Labs, a leading global gemological laboratory.
CGJTA expressed confidence that Gem Sri Lanka will serve as the center stage for Sri Lanka to garner the much needed high-value attention from the world over in this sector.
“Gem Sri Lanka serves to show the world a true, rare and unique nature of Sri Lanka’s gemstones, as our gems don’t just shine, they OUTSHINE,” it said.
Cassim said that Gem Sri Lanka will assist in uplifting the country’s economy by contributing to its growth, as lesser exposed international markets will find the Sri Lankan gems to be very lucrative, which may see an increase in foreign transactions and major local transactions for Sri Lankan gem purchases from international buyers.
Gem Sri Lanka will serve to boost the country’s economy while raising awareness on the availability of the country’s rarest and most valued natural gemstones. GSL will also allow for the observation and purchase opportunities for international as well as local buyers, under one roof.
CGJTA Vice Chairman Rizwan Nayeem said the response from the industry has been overwhelming with all booths sold out and positive response from prospective buyers from several parts of the world.
The CGJTA is the largest association for gem trade in Sri Lanka with over 2,000 members island-wide and the sole custodians of the oldest and largest open air gem market in the world – The China fort Beruwala Gem Market.
State Minister Dasanayake said Sri Lanka has the potential to boost gem exports to $ 2 billion from $ 500 million at present. He assured the Government’s fullest support to the upcoming exhibition as well as the overall industry.

OSL take:
Sri Lanka’s gem and jewelry industry is seen as an emerging sector to drive the country’s revenue generation in the next few years. The government of Sri Lanka has also placed much importance in the growth and expansion of Sri Lanka’s gem and jewelry industry. However, Sri Lanka is definitely far from reaching the potential held by the industry and local authorities and local businesses in the gem and jewelry sector are engaged in a dialogue to develop and further uplift the industry in international markets. Local export authorities and gem and jewelry businesses are engaged in carrying out promotional campaigns in key foreign markets to further boost the industry. The many trade agreements as well as trade concessions enjoyed by the country and the incentives offered by the government of Sri Lanka have made the country’s gem and jewelry industry a lucrative business opportunity for foreign businesses/investors exploring opportunities in Sri Lanka.

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Article Code : VBS/AT/20230914/Z_2

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