(Press Release)
BANGKOK, THAILAND – Mr. Suttipong Damrongsakul, president of the Thai Gem and Jewelry Traders Association (TGJTA), has announced that the Department of International Trade Promotion (DITP) – with the Gems, Jewelry and Precious Metal Confederation of Thailand (GJPCT) and the TGJTA – is jointly organizing the 57th Bangkok Gems and Jewelry Fair.
Mrs. Apiradee Tantraporn, commerce minister, will be presiding over the opening ceremony at 9 a.m. on Wednesday, Feb. 24 at the Royal Jubilee Ballroom, Challenger Hall, Impact Muang Thong Thani. The fair will be held from Feb. 24-28.
The Bangkok Gems and Jewelry Fair is held twice a year to support and promote the Thai gems and jewelry industry in exporting to international markets, as gems and jewelry is one of the country’s leading products in terms of export value. This year marks an important milestone for the country as it enters the ASEAN Economic Community (AEC).
In 2015, the gems and jewelry industry was ranked third in the country in terms of export value, generating $6.6 billion. The 15,777 businesses involved in the industry, of which 3,500 are registered companies and 90 percent are SMEs, employ 1.3 million people.
The theme of the 57th Bangkok Gems and Jewelry Fair will be “Thailand: Ruby Capital of the World.” Visitors, companies and the general public can buy and see the latest innovations and manufacturing technology.
There will be more than 3,500 booths, as well as a gems and jewelry fashion show featuring leading Thai models, and an auction of specially priced gems and jewelry titled the “Gemopolis Auction.”
The Design Pavilion exhibition where art pieces from the Art of Kingdom, an exhibition of traditional Thai masterpieces, will be on display to show Queen Sirikit’s support for Thai craftsmanship. There will also be free seminars for those interested in expanding their businesses to Middle Eastern countries.
Gems and jewelry may be traded duty-free for five days during the Bangkok Gems and Jewelry Fair. Traders and buyers are exempted from the 20 percent customs tax as a move from the government to support and promote the industry and create a buzz for international traders to buy and sell in Thailand.
On Feb. 9, the Cabinet approved a tax exemption to promote the Thai gems and jewelry industry for importers or sellers who are registered as individual traders by waiving Value-Add Tax (VAT) on imports of unpolished diamonds, colored stones, rubies, emeralds, topaz, garnet, opal, zircon, chrysoberyl, jade, pearl and gems, but not on imitation or artificial items. In addition, individual importers will be exempted from paying personal income tax on money earned from selling unpolished gems and pearls, and pay a 1 percent flat tax on income instead. These measures are aimed to support and promote the Thai gems and jewelry industry to be able to compete in international markets.