COLOMBO, Sept 8 : Some of the world's rarest and most expensive gemstones will be up for sale this week when International buyers gather in Colombo for "Facets 96." the annual Srl Lankan gem and Jewellery show, reports Reuter.

Srl Lanka's age-old gem Industry. hit by falling production and competition from newcomers Tanzania. Vietnam and Madagascar, hopes to use the show to ensure its leading position In the world.

About 100 dealers will exhibit their products, while a similar number of buyers will vie for the best items and prices ' at Facets from September 9-12.

"Gems have brought us fame and fortune and they have

brought us visitors from far away." said Nowfel S Jabir. President of the Sri Lanka Gem Traders Association and Chairman of Colombo's Nowgem Jewellers.

"In Sri Lanka, gems are for ever," Jabir told Reuters.

Sri Lanka boasts that it has 55 of the world's known varieties of gems, but this year's Facets will also show stones from other nations.

This underlines the needs for the local industry to move to jewellery and the cutting and polishing of imported rough stones, industry officials saief

Sri Lanka's gem exports dropped from 2.2 billion rupees (40 million dollars) in 1994 to 1.9 billion rupees last year.