‘With Govt tax concessions industry could reach US$ 5 bn export target’ | Daily News
Chinafort gems brave Corona to reach overseas markets

‘With Govt tax concessions industry could reach US$ 5 bn export target’

Ahzar Zawahir
Ahzar Zawahir

During this Corona Pandemic Chinafort Pathe Gem Market merchants in Beruwala have been able to continue Gem exports overseas. Chinafort Pathe Gem Market acts as the heart of the gem industry in Sri Lanka and for decades, almost the entire neighborhood is involved in the gem trade.

During this Corona Pandemic, 55% of the gem exports of Sri Lanka are from .Chinafort

Pathe Gem Market. “We appeal to the Government of Sri Lanka to render their assistance to

our young gem traders with the education and training centre and export facility from Chinafort Pathe Gem Market,” Ahzar Zawahir, CEO of Ceylon Beauty Gems and Treasurer of the Chinafort Gem and Jewellery Traders Association (CGJTA),” said.

“Due to COVID 19, the gem industry has dropped by 75% today and it is likely to develop in the future. We encourage gem traders and tourists to visit Sri Lanka to improve the gem trade. Beauty Gems is one of the pioneer gem traders in Sri Lanka and with the Sri Lanka National Gem & Jewellery Authority we continue to improve the gem export and to boost the industry.

Gem trade of Chinafort is not only important to Sri Lanka but also to assist the development of many other countries to establish trade links. Sri Lanka is one of the most important countries in the world when it comes to gems, despite its small size and crucial to the creation of jewellery

masterpieces which sell for millions of dollars to the delight of international investors and collectors,” Ahzar Zawahir said.

Ahzar Zawahir said rough stones from Africa especially Madagascar, Tanzania, Mozambique, Kenya, Ethiopia & Nigeria now constitute for about 60% and the gems are cut and polished in Chinafort and then re-exported to buyers around the world.

The CEO of Beauty Gems said that Chinafort Pathe Gem Market is a platform to start off business for the younger generation. Beauty Gems has established links with the Chinese gem traders.

“We export gems worth US$50,000 to 150 000 to China regularly. The China gem market is a huge market.Young billionaires in China are interested in purchasing Sri Lankan gems. Wedding couples are much interested in purchasing Blue Sapphire rings from Sri Lanka. Beauty Gems is one of the main gem exporters to China. They export gems to Hong Kong to assist the jewellery manufacturing.

The Chinese involvement in gem trade will definitely help Sri Lanka’s young traders to improve the industry, Zawahir added. Beauty Gems export gems to over 15 countries - USA, China, Hong Kong, India, UK, Singapore, Indonesia, Germany, Italy, France, Australia, Canada, Spain, etc. In 1971, the Gem Corporation was formed to improve Gem export.

The Previous Government of Sri Lanka introduced a tax to the gem Industry and it affected the entire gem trade. As part of the team, Chinafort Gem and Jewellery Traders Association wishes to thank President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa for cancelling the taxation on gem trade. I am confident that within three years we will be able to export over USD 5 billion worth of gemstones all over the world and bring foreign currency to our country to help the National Economy Zawahir added.