The National Gem and Jewellery Authority (NGJA) of Sri Lanka is exploiting new markets to restore the declining exports in the main markets of Sri Lanka. Acting Deputy Director General Ajith Perera said that the authority will launch market promotion programs in Russia, India and the Middle East soon.
As a result of the global economic crisis our exports have declined by 40-50 per cent compared to last year. The main markets for Sri Lankan gems and jewellery are the US and Europe and both markets are now in crisis, because at a crisis these are the products what consumers cut-off first from their shopping list, Perera said.
He said that all efforts will be taken to retain the existing markets as well as exploiting new markets. We encouraged out exporters to attend a big exhibition concluded on February 10 in the US and we gave cash incentives for 25 participants. The NGJA will open a Sri Lankan pavilion at the JCK Las Vegas show to be held from May 30 to June 02. Trade exhibitions have been organized in Russia, India and the Middle East.
We are planning to invite big buyers to the Facets 2009, the biggest annual gem and jewellery exhibition which will be held in September. National Gem and Jewellery Authority has also taken long-term measures to improve the quality of the products by extending training facilities, Perera added. The National Gem and Jewellery Authority will reimburse a part in the training fee and encourage skills development of the industry workers.
The industry sources saith that the impact of the crisis in the end market has spread to the bottom of the industry. There is a decline in mining due to drastic price reduction in the local market. The high gold price too has affected the gem and jewellery industry. Due to the crisis in the stocks and financial markets demand for gold has increased.