By Lavanga AbeyrathneThe recently discovered star sapphire cluster, the largest in the world and estimated to be valued at more than $ 100 million, was unearthed more than six months ago, The Sunday Morning Business learns. Speaking to us, State Minister of Gems and Jewellery Lohan Ratwatte noted that, as per his knowledge, the recently reported discovery of the “Serendipity Sapphire” had, in fact, occurred about six months ago. When inquired as to whether the delay in announcing this discovery was due to the time needed for the cleaning and analysis process, he said: “That is what they say. However, the stone has still not come to the gem authority. A definite analysis can only be given once it comes.”The cluster had been discovered by “accident” in a backyard during the process of digging a well. While experts have given their own valuations of the sapphire cluster, Ratwatte noted that those cannot be taken as the actual value. “We will do the actual evaluation process and let people know the accurate value,” he said. He further noted that due to the uniqueness of this star sapphire cluster, this would be a collector’s item. “There are already a lot of people interested. As a collector’s item, this would likely go to a museum or a similar place. There are a lot of inquiries,” he said, and added: “However, we must first certify the stone. That process is currently happening.”When inquired whether he suspects there are other similar clusters hidden in the area, the Minister said that, in fact, there have already been similar discoveries. “There are people who have had these stones, and are coming out with them now,” he shared. He added that they (Ministry) would follow up on all those cases as well. Attempts to contact State Minister of Urban Development Dr. Nalaka Godahewa to inquire about land prices rising in the wake of this discovery, proved futile. Ratnapura, the area where this cluster was found, is known as the gem capital of Sri Lanka. Last year, the country earned roughly $ 0.5 billion through gem, cut diamond, and jewellery exports. This discovery comes at a time when the industry suffered losses due to the Covid-19 pandemic. The Government relaxed the 14% income tax on the gem and jewellery industry last year. It was also decided to remove the barriers that had obstructed the release of uncultivated lands with gem deposits belonging to plantation companies, and to take over control of these lands for the benefit of the mining industry. President Gotabaya Rajapaksa instructed the officials to expedite the construction works of the proposed Gem Trading Complex and Training Centre at Demuwawatha, Ratnapura.Unregulated and illicit gem mining is taking place on a large scale in areas of the Ratnapura District containing rich gem deposits. President Rajapaksa urged officials to immediately halt gem mining activities carried out in manner harmful to the environment, as well as remove barriers to the traditional gem mining industry. According to a KPMG analysis, the total global consumption of the global jewellery industry, including all diamonds, coloured stones, gold, and silver, is estimated to be around $ 200-250 billion per annum. Of this total, the US accounts for 26%, China 13%, and India 12%.The main gemstones found in Sri Lanka include sapphire, alexandrite, cat’s eye, padparadscha, aquamarine, and moonstone, amongst which the blue sapphire is the most widely known coloured gemstone. Generally, all precious and semi-precious gemstones other than diamonds are referred to as coloured stones.
