Global economic ripples impact Sri Lanka’s exports

The global economic turmoil has ripple effects on the country’s exports and this issue was echoed at the launch of the 26th ‘Facets’, the International Gem and Jewellery Exhibition held this week in Colombo.

Indira Malwatta, Chairperson, Sri Lanka Export Development Board (EDB), said that they have lost the traditional markets – Middle-East - due to ISIS attacks. China too has slowed down its economy while in the US the run-up to presidential elections has impacted consumption. The EDB is now trying to promote the Russian market.

She said that the country also has a serious economic problem where income is being wasted on debt servicing. Therefore Sri Lanka should find alternate avenues to earn foreign exchange and rather than depend on traditional exports should diversify into other areas and other markets.

Asanka Welagedara, Chairman, National Gem and Jewellery Authority, said that Facets is now 26 years old, fully grown and matured and to sustain this long must have been a difficult task. He suggested that the industry should have another ‘child’ – while continuing the tra- ditional gem industry. It could step into other areas of the industry taking a cue from countries like Thailand and Hong Kong where they do not produce gems but are highly involved in the gem trade.

The Facets Exhibition is scheduled to be held from 1 to 4 September at the BMICH and is expected to draw local and foreign stalls while expecting to attract around 10,000 visitors.

A.H.M. Imtizam, Chairman, Sri Lanka Gem and Jewellery Association, said that this year there would be two new features - the Gem and Jewellery Mart to serve the purpose of focusing the spotlight on small and medium jewellery enterprises and the Premier Jewellery Pavilion which will display well-crafted fine collections of jewellery from six leading local businesses.

He said that this show has become the flagship event in the industry calendar. The objective of the exhibition is to strengthen and promote developments in the industry with special focus on its primary resource, Ceylon Sapphires and to boost the sale of gemstones and jewellery products to overseas markets to attract more international buyers to Sri Lanka.

(QP)