‘Sapphire Sri Lanka’, a brand to take Sri Lanka to new vistas
Mr. Akram Cassim
While Sri Lanka is well known for its gem and jewellery industry and the country is the oldest source for coloured gem stones in the world, not much has been done to take the industry forward and make Sri Lanka the hub for gem and jewellery trade. Sri Lanka is referred where there are coloured gem stones in museums and on the crown jewels of various other countries.
Sri Lanka needs to get the word out, that this is the home for the ‘Sapphire’ stone where tourists must be encouraged to buy a sapphire stone that varies from US$100 to $10,000 a carat. “There is a sapphire for everyone in Sri Lanka,” highlighted Akram Cassim, Vice Chairman of the Sri Lanka Gem and Jewellery Association.
In an interview with the Business Times, Mr. Cassim revealed that Sri Lanka will be showcased at the Dubai Expo which is currently underway as ‘Sapphire Sri Lanka’ that tells the story of Sri Lanka and its invaluable history of gem stones that encourages tourists to visit the country and make Sri Lanka an international hub for the gem and jewellery trade. “We have a jewellery calendar for the year 2022 and this is the first to kick off with,” said Mr. Cassim.
At the Dubai Expo the ‘Ceylon Sapphire’ is set to promote all segments of society from the mine to the market. Miners of Ratnapura, gem cutters of Beruwala, silversmiths of Galle, gem and jewellery museums of Kandy and jewellery boutiques of Colombo will be promoted to create a tourism promotion that will entice every tourist visiting the country to want to own a sapphire.
Sri Lankan sapphires are of different colours; blue, yellow, green, white and Padparadscha. Padparadscha is the most valuable sapphire stone in Sri Lanka. “We find these gems all around the country, and there are around 40 different types of gem stones in Sri Lanka found mainly in Ratnapura, Beruwala and Galle. Each stone is unique with its shades of colours,” added Mr. Cassim.
Sri Lanka also imports gems from Madagascar in Africa, does the processing here and re-export. “For Sri Lanka to become a hub for gems, you need to allow the imports and encourage the industry to grow. Hong Kong and Dubai are well known hubs for gold and jewellery exports worldwide. It’s mainly because of the tax structure in those countries where very low taxes are implemented to bring gold in and out, so the industry can flourish. Over regulation kills an industry. The duty and the regulatory policies in Sri Lanka must be revised for the industry to sustain. A country must have at least a 10 year policy for an industry, not suddenly implement new taxes and so on, noted Mr. Cassim.
He also stated that Sri Lanka has not yet allowed the sale of gold and gems online. It has been approved, but not yet regulated. “Liberalise the gem and jewellery industry which will flourish on its own. That’s the way it has worked in countries such as Hong Kong, Bangkok, Thailand and Dubai. Dubai and Hong Kong doesn’t own any gem, but they have become the centres for gem and jewellery. It’s because of the long term consistent policies implemented in those countries for the industry to flourish.”
One of the main issues gold manufacturers in Sri Lanka are facing today is that a lot of their craftsmen are moving out and getting employed in Dubai or Saudi Arabia due to the duty constraints. “We are losing our craftsmen and their designs,” stressed Mr. Cassim.
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