Splendour of global gems at Sri Lanka’s Ratnapura Expo 2024
Daily FT: From 29 June to 1 July, the prestigious Grand Silver Ray Hotel in Pelmadulla will host the Ratnapura International Gem and Jewellery Exhibition for the first time.
This event, organised by the National Gem and Jewellery Authority (NGJA), aims to spotlight Ratnapura’s rich gem heritage and foster new economic opportunities.
The NGJA, alongside the Ministry of Industries and the Lanka Gem Dealers and Miners Association said the collaboration underscores a concerted effort to push Sri Lanka’s gem and jewellery exports toward a $2 billion target by 2025, while establishing Ratnapura as a premier global hub for high-quality gems.
NGJA Chairman and CEO Viraj De Silva said: “This exhibition isn’t just about showcasing our extensive gem and jewellery heritage; it’s a crucial platform for shaping the future of our industry. We are committed to positioning Ratnapura as a global centre for gem trading,” he stated, inviting gem enthusiasts, industry professionals, and the public to experience this significant event.
Ratnapura, known globally as the “City of Gems,” is famous for its precious gemstones, especially sapphires from the Corundum family. With a history spanning over a millennium, Ratnapura’s gem industry is vital to Sri Lanka’s economy. The 2024 exhibition will celebrate this legacy with a spectacular showcase that merges traditional craftsmanship with modern design.
“The Ratnapura International Gem and Jewellery Exhibition is truly a global event, drawing participants from China, India, Vietnam, Germany, Thailand, and many other countries,” added De Silva. “It provides a rich platform for knowledge exchange, fostering international collaborations that enhance the global gem industry.” He emphasised the networking opportunities the exhibition offers, allowing industry players to connect and collaborate.
The exhibition will feature 80 high-value booths displaying a wide array of precious stones and jewellery. Additionally, 12 booths will be reserved for small and medium entrepreneurs, helping them to promote their products and gain access to international markets. Attendees will also have the opportunity to witness live demonstrations by master gem cutters and jewellery designers, as well as participate in educational sessions that delve into gemmology, the history of gem mining in Ratnapura, and the sustainable practices being adopted by the industry.
OSL take:
Sri Lanka’s gem and jewellery industry has been identified by the Sri Lankan government as an emerging business that has the potential of becoming a key revenue generator of the country. The Sri Lankan government has already held discussions with industry stakeholders and agreed to provide incentives in anticipation of achieving high revenue targets in the next few years. The many trade agreements as well as trade concessions enjoyed by Sri Lanka with other countries have also helped boost the local gem and jewellery industry in the global market. Sri Lanka’s gems and jewelry, better known as Gems of Ceylon, are synonymous with high quality and value. These gems also figure very prominently many royal households as part of Crown Jewels. However, local authorities have been engaged in many promotional campaigns for local gems and jewellery in the international market as well. With the incentives and promotional campaigns in overseas markets, Sri Lanka’s gem and jewellery industry indicates a growing business potential. All these movements indicate that Sri Lanka’s gem and jewellery industry present lucrative business/investment opportunities to foreign businesses/investors exploring opportunities in Sri Lanka. Foreign businesses could also look at forming partnerships or joint ventures with local businesses engaged in the gem and jewellery industry on order to expand operations.