Business
Govt.’s lethargy towards gem and jewelry sector seen as costing SL $ 1 billion in for-ex annually
By Hiran H.Senewiratne
The government’s lethargy towards the gem and jewelry sector prevented more than US$ 1 billion in foreign exchange from coming into the country per year, a well-known gemologist said.
“Currently Sri Lanka’s gem and jewelry export income is less than US$ 300 per year, which could be developed to a US $ one billion industry if the government adopted proper promotional methods. However, certain countries, such as Hong Kong, where gems are not even available, earn more than US $ 35 billion per year, while in Thailand it is US$ 15 billion dollars, gemologist (FGG – (Germany) FEEG-Europe) Umesh Wariyapperuma said.
Wariyapperuma said that to double this target they proposed to the National Gem and Jewelry Authority (SLGJA) to launch a special online marketing system to sell gems and jewelry worth less than US$ 3,000 to international buyers.
Wariyapperuma added: “To ensure the smooth flow of this scheme we wanted this scheme to be launched in collaboration with the Department of Posts and Sri Lanka Customs.
“With the launch of the online portal, more opportunities will be available for local gem exporters to get access to the international market and it will help to double Sri Lanka’s foreign exchange earnings from the gem industry in the first year of its operation.
“Currently Sri Lanka exports rough stones to Thailand and other countries who in turn add value to them and re-export them to world famous jewelers and watch manufacturers. This deprived us of a valuable opportunity to sell our precious stones at a high value.
“We partnered with SLGJA for the Dubai Expo last year and launched the ‘Sapphire Sri Lanka’ campaign which was a major success. Similarly, the government with the assistance of the Sri Lankan embassies based overseas should conduct similar promotional events as the industry needs direct government assistance for sapphire marketing and promotion campaigns.
“Sri Lanka Tourism too should play an active role in this venture and also promote ‘Sri Lanka Gems’ during their global destination marketing campaigns.
“If the government could launch some of these proposals Sri Lanka can easily reach the gem and jewelry export income target of USD1 billion in less than 18 months.
“Sri Lankan gem traders too should be more responsible and reasonable when marketing gems at exorbitant prices. They should only sell genuine products without cheating the customer to earn a ‘quick buck’.
“Some buyers pay high prices and purchase gems from some Kandy traders and when they come to us they see the huge undue price difference. Hence, traders too should be honest and maintain ethics in marketing as due to the sale of fake gems and high prices our international reputation is tarnished.
“Gem buyers are advised to offer the maximum price for gems found by gem miners as they go through tremendous hardships to extract them.
“My ambition is also to start a gem academy so that young people can get a practical education on proper international standards and also marketing processes in the gem and the mining industry.
“Through my ‘Janamehewara Foundation’ I am personally involved in a CSR program, providing books and school equipment to children of gem industry miners.
“It is said Sri Lanka even supplied gems to Queen Elizabeth’s crown and Princess Diana’s wedding ring and world famous museums also display Sri Lankan gems. However, sadly, we can’t even muster US$ 300 million export revenue from this trade.”
Wariyapperuma who is also the Managing Director / CEO at Ceylon Gem Traders (Pvt) Ltd, set up since 1977, said that several global watch manufacturers use gemstones for their products.
He said Sri Lanka should tap this market as well and try to export directly to watch-making companies in Switzerland, Germany, Japan, Britain, and France with local value addition.
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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