Sri Lanka’s gem and jewelry sector is gearing up for significant growth in 2025, with several high-profile events and innovations set to boost its global presence.
The country, known for its rich gem-bearing soils and diverse range of precious and semi-precious stones, is positioning itself as a global hub for gemstone trade, cutting, and production.
One of the highlights of next year is the return of Gem Sri Lanka, South Asia’s premier precious stone exhibition, scheduled from January 7 to 10, 2024, at Cinnamon Bentota Beach.
Organized by the Chinafort Gem and Jewellery Traders Association (CGJTA), this event will showcase the best of Sri Lanka’s gemstone craftsmanship and attract international buyers from regions including the USA, Europe, Russia, and China.
Gem Sri Lanka 2025, which marks the second edition of this exhibition, is expected to build on the success of its inaugural event and further establish the island as a center for high-quality gemstones.
The exhibition is not just about showcasing gemstones but also about strengthening Sri Lanka’s standing in the global gem market.
Hilmy Cassim, Chairman of Gem Sri Lanka, emphasized that the event is designed to demonstrate the country’s mastery in gemstone production and cutting, positioning it above typical trade fairs.
The exhibition has seen impressive growth, with the number of booths doubling for the upcoming edition, a clear indicator of increasing global interest in Sri Lankan gems. Beruwala, known for its gem-cutting expertise, plays a central role in this transformation.
In addition to facilitating trade, Gem Sri Lanka serves as a platform to promote Sri Lanka’s tourism industry, offering visitors a chance to experience the island’s cultural and natural beauty alongside its renowned gemstones.
A key innovation introduced at the event was the GSLFAIR application, a first-of-its-kind mobile tool developed by the CGJTA.
This app aims to streamline the trading process, connecting buyers and sellers more efficiently, and reflects Sri Lanka’s commitment to technological advancement in the gem trade.
Looking ahead, the Sri Lankan gem industry is projected to grow significantly in 2024, with revenue from the jewelry sector expected to reach $199.3 million.
The industry is also forecasted to expand at an annual rate of 4.96% from 2024 to 2029. As part of efforts to enhance export efficiency, the Export Development Board (EDB) has established a Trade Facilitation Task Force to support this growth.
The global potential for Sri Lankan gems is immense. Notably, Andy Lucas, President of the Guild Institute of Gemology, highlighted that emerging markets like China offer significant opportunities for growth.
While colored gemstones currently represent a small portion of the Chinese jewelry market, Lucas sees substantial room for expansion, especially with gems like aquamarine and spinel gaining popularity.
By collaborating, innovating, and utilizing platforms like social media, the industry can increase its global footprint and capitalize on the growing demand for natural gemstones, particularly in the wake of the diamond market’s recent struggles.
In conclusion, the success of Gem Sri Lanka 2025 and other upcoming events underscores Sri Lanka’s growing role in the global gemstone industry.
With strategic innovations, collaborative efforts, and an eye on emerging markets, Sri Lanka is poised to maintain its status as a leading player in the world of fine gemstones.
