Vietnam delegation participates in Ratnapura International Gem and Jewellery Show
Daily FT: An eight-member delegation from Vietnam headed by Secretary General and Vice President of the Vietnam Association of Gemstones (VAG) participated in the Ratnapura International Gem and Jewellery show from 29 June to 1 July 2024.
AGO Gems, a renowned gem company in Vietnam also had a booth at the fair. AGO Gems Owner Nguyen Van Trung and Indian Business Chamber in Vietnam Chairman Sengupta Indronil were also in the delegation.
Prior to their visit, the delegation met with the Ambassador of Sri Lanka in Viet Nam Dr. A. Saj U. Mendis, and discussed in detail their program in Sri Lanka and plans to get engaged with Sri Lankan businesses in the long run. Ambassador Dr. Mendis commended and encouraged their participation at the Ratnapura Fair and briefed them on the history and current developments of the gems and jewellery industry in Sri Lanka. During their stay in Sri Lanka the delegation had meetings with the Chairman of the National Gem and Jewellery Authority (NGJA), the Chairman of the Sri Lanka Gem and Jewellery Association (SLGJA), and the Lanka Gem Dealers and Miners Association on future cooperation and collaboration.
The National Gem and Jewellery Authority organised visits for the visiting Vietnam delegation to a gem processing lapidary and gem mines in Ratnapura. Further, the delegation had the opportunity to meet many gem and jewellery companies in Sri Lanka and to purchase Sri Lankan gems. They also established long term business partnerships with Sri Lankan gem and jewellery companies.
OSL take:
Sri Lanka’s gem and jewellery industry is an emerging business/investment opportunity in the country with the government of Sri Lanka also increasing revenue targets for the industry in the next few years. It is evident that the Sri Lankan government has increased the revenue targets for the gem and jewellery industry due to the growing business potential in the industry. Local authorities have introduced several incentive schemes to attract foreign investments to the local gem and jewellery industry while also putting together forums locally and internationally to showcase local gems and jewellery in local and international markets. Gems of Ceylon are synonymous with high quality with many such gems even making their way into crown jewels of Royal households in several foreign countries. The interest shown by the Vietnamese delegation in Sri Lanka’s gems and jewellery is indicative of the growing interest among foreign businesses/investors in the industry. Given the growing business potential, foreign businesses/investors could confidently explore the expanding business/investment opportunities in Sri Lanka’s gem and jewellery industry.