For hundreds of years the Gem and Jewelry Industry of Sri Lanka has played a vital role in the country’s cultural, social and economical development. Growing from strength to strength the industry presents tremendous opportunities of investment and value addition as explained by the experts.
The value of gems & jewelry to the general individual:
There are two such ways in which an individual may perceive the benefits of owning an intricate piece of jewelry or a fine gemstone.
In Sri Lanka most people buy gems and jewelry more as means of investment rather than for the sake of style and fashion. Thus, when people buy gems and jewelry, they’re faced with a number of possibilities such as: mortgage, emergency funds, storing value and future investments. It has been noted that in Sri Lanka a large majority of consumers find gold to be the preferred choice in such instances, due to the higher value of that particular mineral.
Due to the depreciation of the Sri Lankan rupee, many people perceive a piece of jewelry or a gem as a much more dependable and beneficial means of investment due to the consistency of the product’s value.
But of course, there are a fair amount of people who purchase gems and jewelry for the sake of fashion. This has been especially noted among the younger generations who look for the perfect accessory to suit their outfits or their self-image.
The contribution of the industry to the country’s economy:
There are two major ways by which the Gem and Jewelry Industry contributes to the Sri Lankan economy.
The first is via employment generation. There are between 150,000 to 250,000 people employed in the industry at different levels along the value chain including miners, dealers, jewelers, goldsmiths, retailers etc.
The second is the foreign exchange earning that’s brought to Sri Lanka, as the Gem & Jewelry Industry specializes primarily in export. The industry currently generates a total of about 350 million US dollars worth of foreign exchange on an annual basis.
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