Sri Lanka well poised to capture the flouring Chinese gem & Jewellery Market

(November 13, Beijing, Sri Lanka Guardian) Ambassador Karunatilaka Amunugama speaking at the China International Jewellry Fair 2008 highlighted the opportunities available for both Sri Lanka and China to carve a niche in the thriving Chinese jewellery market. It has become an undisputed fact that China is ranked as one of the fastest growing economies in the world. Combined with this factor the growth of China jewellry industry is exceedingly faster than expected. Since 2005, the sales of China's jewelry industry has increased by about CNY 20 billion annually and it reached CNY 180 billion in 2007, with the rise of income of the upper middle class segment in the society.

The Jewellery Fair which is being held in Beijing, the metropolis of the strongest Jewellery consumption in China, from 11th – 15th November 2008, is expected to attract over 40, 000 visitors with over 600 local and international exhibitors showcasing their products.

Sri Lanka Ambassador was especially picked by the organizers to address the opening ceremony of the Fair from the Foreign Dignitaries category. The Ambassador reiterated the uniqueness of the industry signifying the age old adage coined for Sri Lanka as the “Land of the Gems” or “Ratna Dveepa. Explaining the potentiality of the industry, he highlighted that Sri Lanka is gifted with over 150 varieties of gems and emphasized the vital role it played in the Sri Lanka economy, contributing over 7% to the export portfolio. He called for the Chinese industry to reap the benefits offered by Sri Lanka, with a high potential for value addition and profitability which to a larger extent has remained untapped.

It was noted that Sri Lanka retains a world market position as a producer of fine quality gems. Her exports of Precious , Semi-Precious, Precious Metal or Metal Clad Precious stones to China in the recent past has witnessed a remarkable growth of more than 100% in 2007 compared to the corresponding year. This is largely due to the rapid demand generated by the upper middle class segment of the Chinese population and Sri Lanka receiving being in the advantageous position of receiving a margin of preference under the Asia Pacific Trade Agreement (APTA) for this sector.

The recent visit of high level delegation of eleven market leaders and high-ranking officials of the Gem and Jewellery Trade Association of China to participate in the FACETS Sri Lanka 2008 International Gem and Jewellery Show has laid a solid foundation for both countries to work more closely in order to further strengthen the Gem and Jewellry business between the two countries. This visit also facilitated an Agreement to be concluded by the industry giants of both countries for intensifying mutually beneficial co-operation. - Sri Lanka Guardian