Sri Lanka’s Gem Exports to China set to increase

February 9, 2017 Facebook Twitter LinkedIn Google+ Gems

within the wake of the unfastened exchange agreement between China & Sri Lanka to be finalized around March 2017 and of the recently signed Memorandum of Cooperation (MOC) between the Sri Lanka Gem and jewelry association (SLGJA) & Guangdong gem stones and Jade trade (GDGJE), it’s at the playing cards that Sri Lankan gem exports to China, the arena’s biggest gem importer taking part in the lion’s percentage, that is, 76.8% of the arena gem market – In monetary phrases, China’s gem imports amount to a whopping US $25.8 billion – will develop appreciably.

As the worldwide commercial hub and the world’s maximum populous united states of america, China’s rising affluence inside the world is no mystery. over the past few years, China has been playing a pivotal role in the infrastructure improvement in Sri Lanka, supplying improvement aid and loans to us. As a result, the bilateral alternate relations between the 2 countries have been thriving.

Trade between Sri Lanka and China crowned US $four billion in 2015 for the primary time in the bilateral change history, an growth of 17 % over the 2014’s alternate really worth US $3.fifty eight billion. Of this, admittedly, the portion of gem exchange is fairly small amounting to US $19-20 million yearly. The MOC among the SLGJA and GDGJE will, in fact, result in the established order of a platform and bilateral lengthy-term communication and co-operation mechanism for exchange of market data between the two aspects giving a large raise to the gem exports from Sri Lanka into China.

incidentally, Guangdong is also the maximum energetic out of all China’s provinces within the Gem and jewelry exchange and over 70% of China’s gems are produced there. The Dailynews quoted Mr. LiZhiwei, trendy supervisor – GDGJE as pronouncing “thru our visit to the gems and jewellery industry in Sri Lanka, the chinese language delegation formed by means of GDGJE won an in-intensity knowledge on the nearby operation of the industry. by means of signing a MOC with the SLGJA in Sri Lanka, we’re going to enhance cooperation and to intensify talk on our mutual interest and improvement between the industries in China and Sri Lanka.”

The crowning glory of the FTA between Sri Lanka & China can also be conducive to the increase of Sri Lankan gem exports into China along with a score of other export products. It’s hoped that it’ll provide a in addition improve for Sri Lanka to attain the formidable aim people $1 billion in Gem, jewellery & Diamond export profits per yr.