(PRESS RELEASE) The Department of International Trade Promotion (DITP), Ministry of Commerce, has demonstrated its confidence in the potential of Thailand to become the world’s jewelry hub while assigning Thai trade centers around the world to proactively promote the export of gems and jewelry products and focus on penetrating new markets and expanding online sales channels in existing markets. The DITP has also announced its readiness to organize the Bangkok Gems & Jewelry Fair this February to offer new opportunities for Thai entrepreneurs to meet international buyers.
At the “Afternoon Tea Talk: Exploring the Charm of Thai Jewelry to Promote the World’s Jewelry Hub,” Mr. Somdet Susomboon, DITP director-general, said that Thailand’s gems and jewelry industry is an industry with high potential that offers all gems and jewelry-related products from upstream to downstream. Thailand is now one of the top ten jewelry exporters in the world, and in 2018, three product categories in the industry had a significant market share among international markets: from Silver Jewelry in which the value of export from Thailand is the highest worldwide with a market share of 23.8%, Colored Stones in which the value of export ranks third worldwide with a market share of 11.9%, to Imitation Jewelry in which the value of export ranks sixth worldwide with a market share of 5.9%.
“Thailand’s gems and jewelry industry has the potential to become the world’s jewelry hub with its various strengths. First of all, Thailand possesses manufacturing expertise in which Thai artisans have the skills and the intricate craftsmanship to create products that are recognized around the world. Moreover, Thai business operators are skilled in trading, quick to adapt to the market, and capable at seeking raw materials, designing jewelry, manufacturing, marketing, and catering to customers’ needs. Finally, Thailand’s location allows it to establish a transportation route to connect to other regions worldwide while the country also has dedicated gems and jewelry institutes like the Gem and Jewelry Institute of Thailand (Public Organization) that has been developing personnel for the industry as well as establishing standards for gems and jewelry products. Most importantly, the Bangkok Gems & Jewelry Fair is considered a key trading platform that is recognized internationally,” said the director-general.
Meanwhile, the Ministry of Commerce has been carrying out marketing promoting activities through the DITP across both offline and online channels by assigning Thai trade centers to assist Thai entrepreneurs to seek out new opportunities in potential markets. Moreover, the DITP has been partnering with the private sector to establish online marketplaces and expanding sales channels for products on key online trading platforms around the world through the Thailand’s Magic Hands: The Spirit of Jewelry Making campaign. Mr. Prida Tiasuwan, chairman of Pranda Jewelry Public Company Limited and director of CIBJO, The World Jewelry Confederation, said that the strength of Thai jewelry lies in the craftsmanship of Thai artisans which should be further promoted in order to enable them to create intricate craftwork and produce excellent-quality jewelry pieces that can be sold at a high price.
“In creating a piece of craftwork, artisans must be happy and have a creative mind in order to produce intricate pieces of jewelry. Moreover, for them to be happy, they need to have a good working environment, which is in line with the philosophy of doing business today where business owners must pay attention to how they affect the environment and take care of human rights, as these factors are considered important to the new generation of consumers.”
Mr. Prida added that gems and jewelry trade fairs are very important in Thailand because they offer an opportunity for people in the industry to form business alliances from upstream to downstream while promoting the nation to become the world’s jewelry hub, as Thailand is the only country that has every category of gems and jewelry products, from raw colored stones to cut colored stones, as well as artisans who are ready to craft the jewelry pieces to perfection.
The 65th Bangkok Gems & Jewelry Fair will be held from February 25th to 29th, 2020 at Challenger Halls 1-3, IMPACT, Muang Thong Thani with the aim to demonstrate the potential and the strengths of the country’s gems and jewelry industry while opening new opportunities for entrepreneurs to meet and trade with buyers from around the world. The event will feature numerous activities, from the Siam Silver Showcase exhibition that tells the story of Thai silver from past to present, networking activities, an export clinic held by commercial attaches, to seminars to educate and develop the capabilities of Thai entrepreneurs. Moreover, at the Bangkok Gems & Jewelry Fair, participants can join the colored stone auction held by Bonas, diamond brokers based in London with over ten years’ of online auctioning experience. Organizers of the fair will be implementing measures to prevent the spread of the 2019-Novel Coronavirus in order to ensure the safety of all participants.