Sri Lankan sapphires capture West Asian market at Dubai Expo
While the US and China are the largest consumers of Sri Lankan sapphires to date, the Dubai Expo 2020 has opened new markets for the gem and jewellery sector. The West Asian market has shown interest in Sri Lanka’s sapphires during the one-day demonstration at the Dubai Expo held on February 26.
Last Monday the Sri Lanka Gem and Jewellery Association (SLGJA) held a media briefing at the Hilton Colombo. Chairman of the Association, Ajward Deen on the sidelines of the event told the Business Times, “The West Asian market is keen in Sri Lankan sapphires at the Dubai Expo while the US and China are the largest consumers to date. The Dubai Expo unveiled new markets for Sri Lanka to the world.”
“In Dubai there are only 10 per cent of local people and the remaining are foreigners. There was a mixed acceptance of our sapphires from mostly all countries, but we were pleasantly surprised by the interest shown by the West Asians,” he added.
Sri Lankan sapphires worth US$ 100 billion were showcased at the Expo which transported visitors across the ages, through surviving treasures and more modern pieces. Renowned jewellery specialist Helen Molesworth with her experience at Sotheby’s and Christie’s in London and Geneva led a walk-through to explain the history of the Sri Lankan gemstones, trade, mining methods, cutting, polishing and the entire jewellery making process.
Given the prominence Sri Lanka holds as one of the five most important gem-bearing nations in the world, the industry has the scope to become one of the largest foreign exchange earners to the country, The lack of a strategic growth plan and absence on policy supporting the growth of the industry restrains the sector from achieving its true potential in comparison to countries such as Dubai, Thailand and Hong Kong.
SLGJA reco gnising the tremendous opportunity the destination as well as the industry, if a strategic 10-year development plan is executed by policy makers, is committed to driving the Sri Lankan sapphire brand. SLGJA will continue to participate in global events such as Dubai Expo 2020 which has proven to be a great success. In addition, young designers who have shown potential in jewellery design will be mentored to carry on the legacy set forth by their predecessors and will be incentivised to retain talent within the Island.
The event spearheaded by SLGJA was created to enhance global sales and highlight the positioning Sri Lanka retains in the gem and jewellery arena as being home to the ‘ Ceylon Sapphire’ ( Blue Sapphire), an important source of high-quality sapphires ( pink, yellow, golden and star sapphires) along with being one of the finest gem cutting and finishing centres in the worl d . I n t e r nat i o n a l standard lapidaries coupled with highly talented craftsmen are geared to cater to the mass market as well as the high- end luxury market adding lustre to Sri Lanka’s global positioning.