On the 4th of April 2020 the first digital auction for sale of tea went live in Sri Lanka, creating an unprecedented milestone in the 153 year old tea industry.
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Since a considerable stock of Sri Lanka’s low grown tea is bought by Russia, the Russian economic crisis has gravely affected this tea industry. With the prices of low grown Sri Lanka tea dropping further, BIZ 24X7 of the Adaderana 24X7 channel spoke to Asia Siyaka Tea Brokers Deputy Chairman Chamara Dissanayake.
රුසියානු ආර්ථික අර්බුදයෙන් පහත රට තේ කර්මාන්තය අනතුරේ ශ්‍රී ලංකාවේ පහත රට නිපදවන තේ වලින් සැලකිය යුතු ප්‍රමාණයක් රුසියාව විසින් මිලදී ගන්නා නිසා එරට ඇතිවී තිබෙන ආර්ථික අර්බුදය පහත රට තේ කර්මාන්තයට ඉතාමත් අහිතකර ලෙස බලපා තිබේ. මේ නිසා, පහත රට තේ මිල තවදුරටත් පහළ යාමේ අවධානමක් තිබෙන අතර අද දෙරණ 24X7 නාලිකාවේ BIZ 24X7 වැඩසටහන ඒෂියා සියක තේ තැරැව්කාර සමාගමේ ජ්‍යෙෂ්ඨ උප සභාපති චාමර දිසානායක මහතා සමග මේ සම්බන්ධයෙන් සාකච්ඡාවක් කළා. එම සම්පූර්ණ සාකච්ඡාව මෙන්න.
Commemorating the International Tea day on the 23rd of May, The Sofa Summit venturing along with Tea and Herbal Association of Canada organized their salient virtual gathering. The event was graced by industry specialists representing from manufacturing to marketing. the summit disclosed vital information on the past and the current progress of the industry. Representing Sri Lanka at this event, The Managing Director of Asia Siyaka Commodities PLC Mr.Anil Cooke made some paramount outbreaks on the current situation of Ceylon tea and it’s contribution to world, Amidst of the countries economical downfall Ceylon tea is maximizing all it’s efforts in becoming a rigid backbone to the economy.
Ceylon tea, also known as Sri Lankan tea, is a type of black tea that is grown and produced in Sri Lanka, an island nation located in the Indian Ocean. Ceylon tea is highly regarded for its quality, flavor, and aroma, and is considered one of the finest teas in the world. The tea is produced using the small leaf variety of the Camellia Sinensis plant, which is grown in the highlands of Sri Lanka. The cool, misty climate, and the fertile soil of the region, along with the skilled tea pluckers, contribute to the unique flavor and aroma of the tea.
Ceylon tea is known for its bright, coppery color and strong, full-bodied flavor. The tea is often described as having a brisk, refreshing taste, with a hint of citrus and a subtle sweetness. It can be enjoyed plain or with milk and sugar, depending on personal preference. The tea is also known for its health benefits, as it is rich in antioxidants and has been shown to help lower the risk of heart disease and certain types of cancer.
Ceylon tea is an important part of Sri Lankan culture and heritage, and the country has a long and proud history of tea production. Today, the tea industry is a major contributor to the economy of Sri Lanka, providing employment to thousands of people and supporting the livelihoods of many small farmers. Ceylon tea is exported all over the world and is highly sought after by tea connoisseurs and enthusiasts alike.
For many, Sri Lanka (formerly known as Ceylon) and Ceylon tea are synonymous. The country’s economy and society are deeply intertwined with the majestic tea leaf. Today, 10 percent of Sri Lankans derive an income from the tea industry, which generated more than $1.2 billion in export revenues in 2020.
For more than 125 years, the tea industry has depended on a tradition-steeped auction where hundreds have convened twice a week at the Ceylon Chamber of Commerce to buy and sell Sri Lanka’s finest leaves.
When COVID hit, the world’s oldest tea auction, which had functioned without fail for more than a century, was suddenly unable to bring together buyers and brokers for the weekly bidding. Plantations and factories had nowhere to sell their product, buyers were left in a lurch, and millions were at risk of losing their income.
Sri Lanka’s tea auction faced an urgent need to reinvent itself.
“The whole country said, right—now there’s 2 million people whose lives depend on this industry . . . we need to look after them,” says Anil Cooke, CEO of Asia Siyaka Commodities, who led the task force charged with digitalizing the auction.
With brokers and buyers unable to meet in person, the challenge was not just to find an alternative to the live auction, but to get it up and running and yielding good prices—immediately.
Sri Lanka’s tea industry had been mulling a switch to a digital auction for more than 20 years. But the auction’s nuanced dynamics—which drew on an innate knowledge of complex tea blends, frenetic in-person competition to draw top bids, and real-time market feedback—had stymied previous attempts.
With the stakes as high as ever, a team comprising the Sri Lanka Tea Board, technical experts, the government, brokers, auctioneers, and others came together to find a solution.
Local IT company CICRA Holdings led technical development, working with brokers trained to interpret the dynamics of in-person bidding and with deep knowledge of tea categories and grades. To succeed, the e-platform would have to reimagine all the human and technical variables of the live auction.
Within days, some 300 people had taken part in simulated training programs, with sessions running up to the night before the launch.
“I am happy to say that within a very short period of time, about seven days, we managed to build a solution . . . [and] made history on April 4, 2020, by having the first digital auction going live,” says Boshan Dayaratne, CEO of CICRA.
Not only is the new system COVID-safe, it’s also faster, more strategic, and cost-effective—and even yields higher prices. The online auction has also improved transparency and efficiency and reduced duplication of work.
Benefits are being felt locally as well. D. Gayan, supervisor of the Dessford Tea Estate, says the continuity of sales has enabled them to continue operations and pay workers.
A. Rajakumari, a “plucker” who harvests tea by hand, says that “even though we had a virus last year, those of us in the estate got our salaries. It’s because of this work that, even during the corona problem, I was able to happily run the home and live comfortably with our children.”
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