Sri Lanka’s gem and jewellery industry is gearing up to transform it to a major foreign exchange earning  sector in the island according to local Sapphire sales worldwide with the aim of achieving US$ 1 billion target this year.   

The Gem and Jewellery Association (SLGJA) is to create a unique ‘Sri Lanka Sapphire’ experience to boost sales globally as well as to visiting tourists locally.

SLGJA Vice Chairman Jewellery Segment Akram Cassim said that the jewellery industry has the potential of being one of the largest foreign exchange earners for the country

In 2022 now, the jewellery industry focuses on creating a unique ‘Sri Lanka Sapphire experience’ aiming to highlight the uniqueness of Sri Lankan sapphires – from its rich history, amazing variety and exceptional colour of sapphires found in the country,” Akram explained. 

The industry also has the scope to generate more employment by adding more value to every tourist visiting the island, he added.

“He said that the Sri Lankan jewellery industry has a competitive edge on many fronts; not only is it the source country for an array of gemstones.

The industry’s manufacturing process has made great strides over the years and has positioned itself well as a competitive supplier for high-end niche jewellery. 

Most significantly Sri Lanka has one of the most unique traits that no other country has to offer – it is the home of the ‘Ceylon Sapphire’.

He said the jewellery sector of SLGJA aims to place Sri Lanka as a prime destination for sapphires and sapphire studded jewellery, along with Sri Lanka tourism.

SLGJA plans to start 2022 with the launch of an exciting jewellery calendar highlighting a variety of promotions and festivals, where both jewellery and gems will be promoted in a variety of innovative and exciting events. 

The jewellery sector looks forward to encouraging young design talent to contribute to the industry. A jewellery design festival will showcase a variety of talent from design and art schools who will create some unique themes for the trade. 

Other initiatives planned include a jewellery linked charity event to support a worthy cause and turn focus towards developing the online shopping experience for jewellery both locally and internationally.

SLGJA said the Sri Lankan jewellery industry had historical significance spanning over 3,000 years. The country›s precious gems and ornate jewellery were amongst the oldest items traded over the years.

 Renowned for its sapphires, these precious stones have adorned some of the world’s most famous jewellery pieces and have found their way to museums around the world. 

The significance of the jewellery industry to Sri Lanka is great; without the jewellery industry no value addition would be possible for one of Sri Lanka’s foremost natural resources, the gemstone.

Sri Lanka is home to an astounding variety of gemstones and is one of the oldest source countries for sapphires. Known to be exporting Ceylon sapphires for centuries, it is vital that the industry continues to add value and place itself among the top exporters of jewellery in the Asian region. 

Dating back to the second century BC, the Sri Lankan jewellery industry has developed a rich and illustrious presence on the global stage, however today it remains an industry that is well below its true potential. 

The industry should aim to develop a 10-year growth plan, said Cassim. Jewellery manufacturing in Sri Lanka is an ancient craft and to date, Sri Lanka is home to some of the most extremely talented and skilled jewellery craftsmen, who require the incentive to remain in the country and help grow the industry instead of seeking work overseas.

One of the greatest challenges the industry has faced is inconsistent policies by successive governments. If the industry was provided with the correct policies the jewellery industry has the potential to create global designs and branding that can be competitive in a global arena. 

 Teejay Lanka PLC, Sri Lanka’s largest textile manufacturer is set to begin a new journey towards an innovative and attractive Knit Fabric provider in the South Asian region under the chairmanship of Business leader Ajit Gunewardene.

Announcing the new appointment Teejay Lanka said Mr Gunewardene’s leadership is expected to be pivotal to the growth journey of the Company, which has already announced targets of becoming a US$ 300 million enterprise by 2023 and a US$ 500 million business in the longer term.

Considered to be the largest Textile Group and Knit Fabric Provider in South Asia, the Teejay Group specializes in weft knitting and is regarded as Sri Lanka’s only multinational mill. 

The Group has its headquarters in Avissawella, 52km away from Colombo and has a state-of-the-art printing facility along with a Strategic Business Unit in India.

Teejay, offers a wide range of products and services related to weft knit manufacturing. While offering wide solutions in knitting, dyeing, finishing and printing, It has extended its portfolio to include lace dyeing, yarn dyeing and synthetic production.

Distinguished business leader Ajit Gunewardene is to be appointed Chairman with effect from 17^th February 2022, consequent to his appointment as an independent non-executive director of the Company on 1^st February.

Mr Gunewardene, a former Deputy Chairman of John Keells Holdings (JKH) and a former Chairman of Nations Trust Bank (NTB) and Union Assurance, will succeed Mr Bill Lam, who resigns on 17^th February, ending a 13-year stint at the helm of the Company.

“Mr Ajit Gunewardene’s depth of multi-sector managerial experience, his renowned skills as a business strategist and innovator and his stellar record as brand builder will be of immense value to Teejay Lanka PLC, as it embarks on its next phase of growth,” the Company said.

Mr Gunewardene is the Founder and Chairman of Bluestone Capital Ltd., a leading private equity investment company. He is the Founder Chairman of Digital Mobility Solutions Pvt Ltd., better known as ‘PickMe’ – the leading ride hailing and delivery company in Sri Lanka, and Chairman of Fintrex Finance Ltd., a Central Bank of Sri Lanka registered non-bank financial institution. He is also a Council Member of the University of Colombo.

One of Sri Lanka’s most respected corporate personalities, Mr Gunewardene’s strategic direction and business insight is credited with enabling John Keells Holdings PLC to grow from a Market Cap of Rs 1 billion in 1992 to Rs 190 billion in 2016. In his 34 years at the company, his focus was on real estate, leisure, financial services and retail and Mr Gunewardene led the Keells companies in these sectors to market leadership positions.

In retail, Mr Gunewardene was instrumental in mentoring and guiding the island’s largest branded retail business ‘ODEL.’ As its seed investor and chairman, he guided the management of the company, took it public and sold the business in 2014.

Mr Gunewardene functioned as the Chairman of the Colombo Stock Exchange (CSE) from 2000 – 2003. He was also an advisor to the various governments in Sri Lanka, functioning independently without any political affiliations. 

He was a member of the Prime Minister’s Taskforce for Financial Sector Reform and also functioned as a Director of Sri Lanka Tourism Promotion Bureau. He served as a member of the Board of the Board of Investment (BOI) and has also headed the Task Force for Foreign Direct Investment and Exports.

Teejay Lanka was the first textile manufacturer in Sri Lanka to receive membership of the US Cotton Trust Protocol, and is a publicly quoted company with 40 per cent public ownership. 

The company is backed by Sri Lanka’s largest apparel exporter Brandix Lanka which has a 32 per cent stake. Pacific Textiles of Hong Kong whose key shareholder is the Tokyo Stock Exchange listed Toray Industries Inc., owns 27 per cent of Teejay Lanka.

The Company has been adjudged the Best Textile Exporter in Sri Lanka at the Presidential Export Awards presented by the Export Development Board (EDB) and has been named among the 100 Most Respected Companies in Sri Lanka by LMD.

An ISO 9001:2015, ISO 14001:2015 and OHSAS 18001:2007 compliant company and the first in the industry to develop green fabric, Teejay has been listed on the Colombo Stock Exchange (CSE) since 2011 and was included in the S&P Top 20 Index in Sri Lanka. 

The Company has also been named among the Forbes ‘200 Best under a Billion in Asia’ and been recognised as the ‘International Textile Firm of the Year’ and the ‘International Dyer and Finisher’ by World Textile Institute, London.