Business
Blue Sapphire bought for Rs. 430 million is a nature’s masterpiece: Subash Gems
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“Experience in risk-taking played a big role in the valuation of this stone’
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It meets the 3Cs – Clarity, Colour and Carat
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‘It’s a perfect natural asset for the super-rich and celebrities to invest in’
by Sanath Nanayakkare
Subash Karunarathne, chairman at Subash Gems in Pelmadulla told The Island yesterday that he purchased the 99-carat Blue Sapphire for Rs. 430 million because it was a nature’s masterpiece, and it could take decades for another one of such unique characteristics to be found.
Subash bought this precious rare stone found in a gem-mine at kahawatte, at an auction held last week where officials of the National Gem and Jewellery Authority (NGJA) certified it as a 99-carat natural Blue Sapphire.
When The Island visited him at his residence in Pelmadulla, a lot of gem miners had gathered there to see how much Subash would be willing to pay for their gem stones, nevertheless, he gave us his time saying that he wanted to share his views with the mainstream media which wouldn’t sensationalise the deal and look at it objectively and realistically.
During the interview Subash said:
“Experience in risk-taking played a big role in the valuation of this stone. Also, the great confidence I have about the international growth markets including the United States, the European Union, India and the Middle East for rare precious stones encouraged me to bid a high price for it. You can’t avoid risks nor guarantee a successful return all the time, but knowing your trade is crucial to making it work.
Whichever gem stone you choose to invest in, you need to know that you are never 100% safe from losing money because risks and returns go hand in hand in the gem industry. However, it is commonly known that the more risks you are willing to take the higher the returns. Taking risks is a choice. Without taking risks, you’ll never know what you’re capable of achieving. I am confident that I can make a significant gain from this investment.”
“Global investors would look at the price tag on this stone in the context of supply and demand because natural resources such as this stone are hard to come by anywhere in the world. Furthermore, the discovery of this stone is a very positive thing for Sri Lanka gem industry and it will boost Ceylon Sapphires’ international fame.”
When asked whether he was sure he offered the right price for the stone, Subash said,” I see value in it that goes beyond the price because price is not always the value. This blue sapphire is sparkly and brilliant and rare. There is no doubt it has an aura making it unique and special. And it is a perfect natural asset for the super-rich and celebrities to invest in. They can use it to show off their wealth or as a tangible investment. Besides, on the financial side of things, rare gems provide a hedge against inflation and are crisis-resistant. It will never depreciate in value. This blue sapphire meets 3 vital Cs- Clarity, Colour and Carat. The fourth C is the Cut, and it is a delicate job for a clever craftsman of international standards to maximize its value.”
In response to a query posed by The Island, a spokesman at Subash Gems said that the deal at the auction was subject to the tax laws of the country. “The selling party got their amount after the deduction of withholding tax, and we made them the payment with the cash flow after taxes,” he said.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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