Global sale of jewellery products grew about 5% in 2011. But in in Colombo, Sri Lanka it skyrocketed to about 25% punching down all the pessimists who forecast bad times dogging the 500 years old industry. It is now envisaged that jewellery would lead a major re-bound of the economic fortunes of the country slowly emerging from the ravages of civil strife. Attractive opportunity awaits willing investors who can set jewellery business in Colombo.
Burgeoning figure for the global jewellery market braces almost US$ 160 billion mark. Though Sri Lanka currently accounts for little more than one per cent of this volume it is still growing. Domestic sale went up by 25% and estimated to be around US$ 1.8 billion; in stark contrast exports is dwarfed in volume terms to few million dollars. Absence of large scale fabricator is said to be the cause for lack of enthusiasm in export drive. Size matters a lot in domestic market too. Micro fabricators who are too numerous saw their sale going up between 10 to 15%; small fabricators notched about 20 to 25% sales growth in 2011. Big share of the growth at 30% and over was recorded by middle level fabricators who are in essence family jewellers for generations.
Multitude of products on display includes gold and silver jewellery, diamond and gem studded jewellery, platinum jewellery among others. Gold jewellery is fabricated in a wide range of 9 to 22 Karats as earrings, brooches, rings, bracelets, necklaces, pendants and bangles. Value addition in jewellery fabrication is effected by patterns and design resulting in traditional and contemporary products. Simple and elegant style goes with trendy and fashionable collections. Unique and authentic style fits into traditional motifs or sometimes finds place in exotic and extravagant collections. Regional and ethnic blend brings added glamour and glitter amongst jewellery pieces.
Backed by a long history of jewellery manufacture dating back 500 years, jewellery industry in Colombo boasts skilled labour in two manifestations. Artisans from families that passes knowledge and skill from generation to generation; skilled craftsmen who emigrated from countries like India and have evolved the art of exquisite designing.
Support by the government to promote jewellery manufacture is a key game changer. Spurred on by vibrant business environment and the strategic location of the country the government of Sri Lanka is setting in motion a grand plan to transform Colombo into a strategically important economic centre. Micro managing jewellery sector is one of the initiatives that has witnessed several policy changes. Business friendly environment with one roof approval procedure for foreign investment is most visible one. Lifting of duties and levies on gold import is another. For an investor pitched at domestic sale and export liberal tax incentives are granted along with duty-free facility of importing raw materials such as diamond and gold. Need I say any more?
Business Opportunity
Inquiries are welcome from prospective jewellers, businessmen, buyers and investors who wish to start a new business or buy an existing one. Get a piece of action in Colombo Jewellery Centre that has potential to be the next growth story in jewellery industry in the region.
Muthu Ashraff
Business Adviser
Mobile: +94 777 265677
E-mail: cosmicgems@gmail.com
Web: http://www.cosmicgemslanka.com
Blog: http://cosmicgemslanka.com/blog/
1 comment:
Sri Lanka's jewellery makers have refined their hereditary skill over centuries,to attain the highest standards in exquisite craftsmanship and creativity with modern touch.with the addition of latest technology in design and manufacture,and focus on design excellence,Sri Lanka is emerging as a design center offering high quality jewellery collection..very interesting blog posted here which focused on growth prospect of jewellery business in Sri Lanka..Thanks for sharing informative blog
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