COLOMBO - Sri Lanka’s Daily News reported that Saudi Arabia is interested in setting up joint ventures with Sri Lanka’s gem and jewelry industry.
Acting Deputy Director General of the Sri Lanka National Gem and Jewelry Authority (NGJA), Ajith Perera, said the Saudi Arabian private sector wishes to establish partnerships with the local gem and jewelry industry.
The NGJA announced that it is planning to organize a single country promotion campaign in Saudi Arabia in the middle of the year.
This is the NGJA’s first attempt to conduct generic country promotion in the jewelry and gem market with the aim of creating business opportunities for both countries.
Perera noted: “We have noticed that there is a huge demand for precision gem cutting in the international market. The gems are used to manufacture watches and local industrialists supply these gems to Rolex, Cartier and Bvlgari.”
He noted that considering the current economic crisis in the US market, Sri Lanka must focus on other markets such as Russia, Turkey, China and the UAE. - Agencies