Kate’s Sapphire Gives Royal Boost to Sri Lanka as Exports Jump
Nov. 18 (Bloomberg) -- It’s a good thing for Sri Lanka that Kate Middleton didn’t get cold feet.
Prince William’s choice of a Ceylon blue-sapphire engagement ring for Middleton, publicized ahead of their April royal U.K. wedding, became the centerpiece of a Sri Lankan marketing campaign that saw gem exports jump 37 percent in the year through October. The National Gem and Jewellery Authority says the value totals $77 million so far this year, boosted by Middle East demand for blue sapphires.
The drive is part of a broader strategy to reconnect Sri Lanka with global commerce after a 26-year civil war ravaged the economy, which includes a record port-building campaign financed in part by China. Officials aim to double shipments abroad, which make up one-fifth of the economy, to $20 billion by 2020, and in next week’s budget may unveil measures to help exporters.
“Sri Lanka is favorably located on international shipping lanes, which make it a natural export and transshipment hub” with access to 1.5 billion people in its neighborhood, said Mark Mobius, who oversees about $40 billion in emerging-market assets as executive chairman of Franklin Templeton Investments’ Emerging Markets Group. Mobius said that his company is studying the Sri Lankan market for purchases of public equity stakes and private investment, with “interesting” industries including property, hotels, consumer goods and retail.
The country’s benchmark Colombo All-Share Index has fallen about 8 percent this year, less than the 16 percent decline in the MSCI Asia Pacific Index.
Kate’s Sapphire Gives Royal Boost to Sri Lanka as Exports Jump
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