Innovation-management Assignment Presenation

Innovation Management Assignment Presentation
- Selected topic International Gem and Jewelry Center Sri Lanka

1. International Gem and Jewellery Trade Centre- Sri Lanka

2. 2 Contents 1.0 Introduction 2.0 Innovation Process Model 2.1 Search 2.2. Select 2.2.1 Suitability Criteria 2.2.2 Acceptability Criteria 2.2.3 Feasibility Criteria 2.3 Implement 2.4 Capture 3.0 Innovation 4P Model 4.0 Triple Helix Model 5.0 Recommendations 6.0 References

3. 1.0 Introduction 3 Urban development initiatives in Sri Lanka have been a focus for the government and various development organizations they seek to improve infrastructure, raise living standards, and increase economic growth. Ratnapura is the capital of Sabaragamuwa Province in Sri Lanka and it is a world famous region for natural Gem stones. Gem trading uses a traditional business model, lack of spaces, and trade on streets. Launch of the “Ratnapura Urban Development Plan 2021-2030” Gem Tower was planned to attract locals and foreigners The Gem Tower Phase was completed and open to the public in April 2024. It is a five-story building  with a floor area of 17,550 square feet Phase 2 includes the construction of another 14 floor tower.

4. 9/9/2024 4

5. 1.0 Introduction This newly inaugurated gem trade Centre boasts 27 business premises, with 17 allocated to local entrepreneurs and 10 designated for foreign counterparts. The center boasts a range of essential facilities and services tailored to facilitate gem trading and exporting. This Building will house essential facilities and services, including: Gem and Jewellery Export Services Gem Testing and Certification Laboratory Facilities Banking and Money Transfer Facilities Courier and Postal Services Information Facilities Ample Parking Facilities Restaurant Amenities Insurance Services The ultimate goal of establishing an international hub that facilitates seamless transactions between sellers and buyers. 5

6. 9/9/2024 Designed by PoweredTemplate.com 6

7. Sri Lanka is currently positioned in the global market as a source of high-quality gems is reputed to be a quality cutting & finishing centre in the world producing stones that meet the highest industry standard . There are around  300 exporters of gems, diamond and jewellery  which fall under the categories of large, medium and small.  Sri Lanka is blessed with over  70 varieties of coloured stones  out of 200 found in the world and is among the five most important gems‐bearing nations of the world. 9/9/2024 7

8. 2.0 Innovations Process Model 9/9/2024 The Innovation Process. Source: ( Tidd and Bessant, 2011).  8

9. 2.1 Search Ratnapura Development Plan (2021-2030) was prepared under the initial supervision of the Development Planning Division of the Urban Development Authority. The aim of this plan is to transform the city of Ratnapura into “The Gem City of Sri Lanka in the Greens” Ratnapura gem culture has already established its places and processes, but to generate more income, it needs to attract more affordable business people, including foreigners Main Goals of this project are, Make the Ratnapura “The national center for Gem related business in Sri Lanka” Create Ratnapura “An Attractive Destination for foreigners” 9 - How can we find opportunities for innovation

10. 2.1 Search 10 Surat Diamond Bourse, Surat, India Gem & Jewelry Center, Bangkok, Thailand International Gem Tower, New York, USA

11. 2.2 Select 2.2.1 Suitability Criteria The Gem Tower plan aims to make Ratnapura a sustainable, adored city, focusing on physical, social, and environmental development, as well as economic growth, to benefit from available resources and protect the existing ecosystem. Currently Sri Lanka's National Gem and Jewellery Authority anticipates an annual revenue of 2 billion US dollars by 2025 from gem exports. 11 - What are we going to do and why?

12. 2.2 Select 2.2.2 Acceptability Criteria Ratnapura Gem city is known for high-quality gemstones like sapphires and rubies and attracts both enthusiasts and professionals. Visitors can witness gem cutting, polishing, and trading activities, offering a vibrant atmosphere for jewelry and investment. Sri Lanka has earned national and global reputation for the Gem. 12

13. 2.2.3 Feasibility Criteria Sri Lanka has a long history and tradition in gemstone mining and cutting. Local craftsmen are skilled in cutting and polishing gemstones to enhance their beauty and market value. Ratnapura gems have gained international recognition and prestige due to their quality and unique characteristics. Further people can get a gem and jewellery certificate for the all gems from the gem and jewellery authority. it makes the feasibility of the Sri Lankan Gems. 13 2.2 Select

14. 2.3 Implement The Ratnapura Urban Development Plan 2021-2030 comprises three parts: Part I, which includes background studies, preliminary studies, planning framework, SWOT analysis, Part II, which includes planning and building regulations, and Part III, zoning boundaries. Ratnapura Divisional Secretariat and Ratnapura Municipal Council contributed their resources in obtaining information and ideas to develop this Gem tower. Total construction cost of the two towers is Rs 815 million. The building has designed with the New technologies. Durable and sustainable building materials used to build this tower. CCTV cameras, motion sensors, advanced fire alarm systems also gives a high securirt for this tower. Further High-Speed Internet support online trading platforms, digital transactions, and communication with international buyers. These type of technological solutions helps to enhance its operational efficiency and security but also improve its marketability and appeal in the global gemstone industry. 14 - How we are going to make it happen?

15. 2.4 Capture Gem Tower can bring several benefits to the country, both economically and socially Employment Opportunities , Foreign income , Skill Development , Tourist Attraction , Global Relationships with other countries. 15 - How are we going to get the benefits from it?

16. 3.0 Innovations 4P Model 16

17. 4.0 Triple Helix Model 17

18. 5.0 Recommendations Highway to Rathnatura which connects to existing highway network Gem Museum Gem Research department for sabaragamuwa university Restaurant and infrastructure development in the area. Extending Railway line to R athnapura Established a better road network via Ratnapura to from Colombo to Ella. Further improvements 9/9/2024 18