Sri Lanka could be richer than any oil exporter if all the gem deposits are properly mined
View(s):Sri Lanka is known to be a country with huge deposits of gem stones across the country and planners need to look at these deposits through an economic and export perspective, Dr. Harsha De Silva, former Deputy Minister of Policy Planning and Economic Affairs has said.
Interested buyers examine some gems.
Speaking at the inauguration of FACETS Sri Lanka 2015, 25th Sri Lanka International Gem and Jewellery Show held at the BMICH last week, he suggested that there should be re-thinking of gem mining scientifically and using this treasure to make Sri Lanka richer than an oil producing country. This flagship event, the 25th anniversary of the show, of the gem and jewellery industry of Sri Lanka was graced by President Maithripala Sirisena. To commemorate the event, four stamps in the denomination of Rs.10, 25,35 and 50 were launched at the show by the Philatelic Bureau of Sri Lanka.
Dr. de Silva doubted whether the target of the gem and jewellery exports for 2015 to the value of US$1 billion could be achieved, going by the figures since 2010 which is a downward trend. He said that even the 2014 figures are less than that of 2014 indicating that in 2013 export earnings was $413 million while in 2014 it was $386 million.
He said that alongside gem exports, there is also another kind of export which is rough stones by the gunny bag which is unaccounted for. Rough stone exports should either be stopped or added value and then exported. He said that it is the duty of the experts of all facets of the gem trade to come up with a viable plan encompassing the social, employment and environmental impacts. He said he is looking at the potential as an economist – the supply and demand curve – given that the country is rich with more than enough gem supply that has to be mined.
The former deputy minister assured the trade that the government is ready to support and facilitate the industry to explore this huge potential to earn foreign exchange. In this sphere, he pointed out that Thailand being one of the top gemstone exporters in the world has developed their infrastructure in the country from that revenue while with all its potential Sri Lanka has failed to exploit this resource. (QP)