FACETS; Sri Lanka’s premier gem and jewellery show and market platform, hosted a webinar on recovery and future potential of the global gem and jewellery industry in the wake of the pandemic.
Comprising a panel of leading industry experts hailing from different parts of the world, the webinar explored many different dynamics that are affecting the industry. The global audience that was engaged online consisted of participants representing 34 countries.
The panel of speakers consisted of Chanaka Ellawala, Director: Ellawala Exports, Sri Lanka, Jay Boyle, Senior Buyer, The Jewellery Television, USA, Chen Shen, Director: ICA, China, Emmanuel Piat, President, Piat Company, France and Nilam Alawdeen, Vice Chairman, CIBJO, Japan.
The discussion was moderated by Rizwan Nayeem, Director, Orofini Gems, Sri Lanka.The webinar covered several key discussion areas; the first of which was ‘Recalibrating our businesses for sustainable recovery’ as elaborated on by Chanaka Ellawala of Ellawala Exports.He said it was an opportune moment for the industry to rewrite the narrative of the journey of the sapphire, as well as other coloured gems from a sustainability standpoint; thereby driving better customer buy-in to the value proposition of gems and jewellery.
It came to light at the webinar that some of the key markets have had sales of gems and jewellery continuously, though at lower volumes than usual, during the past few months. Many Chinese dealers had sold their inventories and were replenishing stocks. In another positive turn of events, it was announced that The Jewellery Television in USA had experienced a 20% growth in gems and jewellery sales during the year to-date.
There was also consensus within the panel that gems and jewellery will continue to be sought after globally; for their aesthetic beauty and emotional value, as well as for their capacity in being reliable ‘stores of wealth’.