Gem and Jewellery Association’s new Chief calls for promotion of “a Sapphire Experience”
Daily FT: Sri Lanka Gem and Jewellery Association’s (SLGJA) newly appointed President Akram Cassim last week called for urgent policy reforms and promotion of what he described as “a Sapphire Experience.” Cassim outlined his vision at the SLGJA’s Annual General Meeting to drive the industry forward, tackle challenges collectively, and capitalise on the unique legacy of the Ceylon Sapphire.
Acknowledging that the challenges ahead are many, he called for unity across all facets of the gem and jewellery trade to address shared issues and improve the industry’s outlook. He emphasised that all segments of the trade—from Ratnapura, the heart of gem mining, to the gem trading hubs of Beruwela and the gold and jewellery craftsmanship found in Kandy and Sea Street—need to collaborate to strengthen the sector’s overall growth.
He drew attention to urgent policy reforms required to reverse the changes that have hindered growth, weakened global competitiveness, and led businesses to consider moving operations abroad. “If we can have urgent reforms and reverse policies that have impacted our industry negatively, we can create a business-friendly environment that will allow our trade to flourish,” he noted. Cassim expressed a firm commitment to work closely with the new government and other authorities to foster a business climate conducive to the growth of this vital sector.
A pivotal aspect of Cassim’s speech was the integration of the gem and jewellery industry with the booming tourism sector. He proposed strategic partnerships with Sri Lanka Tourism and Sri Lankan Airlines to enhance the experience of every tourist visiting the island, presenting a unique opportunity to position the country as a premier destination for gemstone shopping and cultural experiences. “Let’s create an amazing Sapphire Experience for tourists visiting this Island,” Cassim proposed, stressing the unparalleled opportunity to capitalise on the country’s rich heritage as a source of the world’s finest blue sapphires.
OSL take:
Sri Lanka’s gem and jewelry industry has been identified as a key potential revenue generator for the country with growth targets being set to reflect the overall expansion in the industry. Sri Lankan gems, better known as Gems of Ceylon, are synonymous with high quality and value and are featured in many pieces of jewelry belonging to Royal households in Europe. Sri Lanka has been engaged in the promotion of Sri Lanka’s gem and jewelry industry foreign markets resulting in an increase in demand for them. Local authorities had also taken steps to introduce several incentive schemes to attract more businesses into the gem and jewelry industry. The growth and business potential in Sri Lanka’s gem and jewelry industry have opened up many business/investment opportunities for foreign businesses/investors as well. The proposed ‘Sapphire Experience’ if launched by Sri Lanka would definitely attract high-net worth foreigners as well as tourists keen on being part of the country’s unique experience. All these are indicative of the increasing business potential in Sri Lanka’s gem and jewelry industry, which could be explored by foreign businesses/investors.
| Article Code : | VBS/AT/20241011/Z_2 |