They are hoping for more foreign participation at the 'Facets' exhibition to be held in Colombo this September by gem exporters and the Gem and Jewellery Association (SLGJA).
Russia would be a key market the industry is targeting this year.
"This year for the first time we have looked at the Russian market and we are expecting a substantial delegation," Chanaka Ellawala, who chairs the 'Facets exhibition committee said.
"I would say the main focus this year is to bring dealers from the Russian market."
The annual exhibition is being held for the 19th time this year with around 150 dealers taking part in the event.
Hasitha Thilakaratne, the chairman of the National Gem & Jewelry Authority (NGJA) said authorities are trying to attract alternative markets like China, India, Russia and Brazil."The slow down in the US economy has affected Sri Lanka's gem and jewellery exports,’ said Thilakaratne.
"So we are looking at markets out side USA."
Ellawala said the industry aims to go beyond cutting and polishing gems to even the extent of setting up a lab which will increase the value of the island's gems in international markets.