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Thailand Jewelry Industry to Benefit from New Tax Measures Approved by Government

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(Press Release)
BANGKOK – The Gems, Jewelry and Precious Metal Confederation ofThailand (GJPCT) and the Thai Gem and Jewelry Traders Association (TGJTA) announce that the Thai government has approved tax measures aimed at driving forward the country’s gems and jewelry industry.

Somchai Phornchindarak, president of the Gems, Jewelry and Precious Metal Confederation of Thailand (GJPCT), has welcomed the announcement by the Thai government of a tranche of new measures that will promote the country’s gems and jewelry industry.

On May 24, the Thai government’s special Executive Committee to Develop Export Capacity passed a bill that liberates the import of gems and jewelry into the country.

“These measures represent a huge step forward for the industry,” says Phornchindarak. “It shows how the government and the industry associations are working hand-in-hand to promote the trade of gems and diamonds in Thailand.”

Specifically, the legislation includes:

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  • Exemption of VAT permanently for import of finished diamonds and gemstones;
  • Exemption of VAT permanently for import of rough stones for manufacturing and sale;
  • Exemption of import duty permanently on machinery and tools that enhance manufacturing, efficiency and essential materials such as polish blades and diamond dust; and
  • Exemption of import duty permanently for silver and gold chain coils and rolls.

Discussions are still ongoing for establishing a diamond colorstone exchange (bourse) for gems and jewelry trading, and the establishment of a more workable gems bank.

“These measures constitute the liberalization of Thailand’s gems and jewelry trade,” says Phornchindarak. “It allows us to attract more buyers and sellers to gems and jewelry tradeshows, such as the Thailand Gems and Jewelry Fair, and increase investment in Thailand.”

Phornchindarak added that the legislation is the result of extensive discussions with the government by both the GJPCT and the TGJTA over a number of years. “This is a great achievement by the GJPCT and TGJTA. It paves the way for the Thai gems and jewelry industry to grow tremendously in the future,” he says.

It is estimated that previous temporary tax incentives announced earlier this year by the Thai Cabinet will generate at least $109 million for the Thai economy per year, a trend that is set to continue with the new tranche of incentives.

The measures constitute part of the TGJTA’s continuous efforts to implement its five-year plan, namely to:

  • Foster a strong relationship with the Royal Thai Government to solve industry challenges together;
  • Attract natural resources and raw materials to Thailand;
  • Increase both the quantity and quality of skilled manpower;
  • Build international relationships to attract foreign traders;
  • Open new markets to increase the customer base for members;
  • Maintain and secure existing markets;
  • Develop the domestic market inside Thailand;
  • Create greater sources of finance for SMEs; and
  • Promote and encourage greater knowledge-building for members.

Suttipong Damrongsakul, president of the TGJTA, is confident that with the continuing support of the government, Thailand can become Asia’s gems and jewelry hub. “The passing of these tax incentives represents a major step that will benefit Thailand’s gems and jewelry manufacturers and traders,” he says. “It will also simplify procedures for international traders doing business in the country.”

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The GJPCT and TGJTA will co-organize the Thailand Gems and Jewelry Fair (TGJF) from September 7-11 at IMPACT, Muang Thong Thani in Bangkok, Thailand. Open to both Thai and international companies, as well as the general public, TGJF is held over an area of 60,000 square meters, consisting of 3,000 booths featuring companies from all over the world. The organizers expect that more than 30,000 visitors will participate at the event.

Somchai Phornchindarak, president of the GJPCT (left) and Suttipong Damrongsakul, president of the TGJTA (right), announce that the Thai government has approved tax measures aimed at driving forward the country’s gems and jewelry industry.

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Jewelers Block Insurance Specialists Surya and AIB Merge

The combined businesses will continue under the Surya and AIB names.

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(PRESS RELEASE) NEW YORK — Surya Insurance Services, LLC is merging with Associated Insurance International Brokers Inc (AIB). The combined businesses will continue under the Surya and AIB names, both offering jewelers block insurance and other specialized insurance for the diamond and jewelry industry. Janak Dave will continue as Surya CEO and AIB founder Elan Manham will join Surya as President.

“The combined strength of the two companies will allow Surya to continue to grow to provide even better service to all of our customers,” Dave says. “In addition to growing our jewelers block insurance business, we plan to offer more insurance products specifically tailored to the needs of the industry’s top diamond and jewelry professionals, including covering the risks of rough processing, repolishing and the setting of important diamonds and gemstones.”

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Surya Insurance Services is dedicated to serving the insurance needs of the diamond and jewelry industry. Surya was founded in New York in 2005 by Surya Capital to serve the diamond and jewelry industry. AIB was founded by Elan Manham in 1993 to provide jewelry and diamond wholesalers and retailers with Jewelers Block Insurance.

“The financial strength of Surya will give us better relationships with underwriters and enable us to better serve our customers and offer enhanced coverage,” Elan Manham says. “I look forward to working with the Surya team to grow the business.”

The combined companies will be able to provide A+ rated custom insurance solutions tailored to the individual needs of each client, including on premises, in transit, worldwide travel, trade and trunk show, unattended auto, bank vault and memo coverage.

Surya and AIB customers include more than 300 diamond wholesalers, jewelry manufacturers, jewelry retailers, pawnbrokers, and fine arts dealers, from small independent companies to some of the world’s most important diamond sightholders.

For more information about Surya and AIB insurance products and services, contact a specialist at 800-242-7766 or visit www.suryains.com.

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Press Releases

Diamonds Do Good Announces Winners of 2nd Annual Millennial-Focused Proposal Contest

Finalists will be flown to Canada to see the real impact of natural diamonds.

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(PRESS RELEASE) In recognition of Valentine’s Day, Diamonds Do Good announced the winners of the second annual ‘Real Stories. Real Diamonds. Real Impact’ video proposal contest. A third year of the proposal contest is now being planned.

The winning couple of this year’s contest, Nicole and Isaiah, hail from North Carolina and were engaged during a trip to Ireland. “I love simple and natural… surrounded by the natural beauty of Ireland, the natural beauty of the diamond and my beautiful fiancé, our proposal story is one I will never get tired of telling” says Nicole.

Nicole and Isaiah will experience the natural beauty of the Northwest Territories of Canada, the third largest producer of natural diamonds. There they will see firsthand the impact natural, mined diamonds have had on the country and to share their experiences through social media.

Videos were judged by digital media influencers @thediamondsgirl, @weddingdiary and @roamaroo with combined followers numbering over 2,000,000.

“The contest is helping boost consumer understanding of the real, positive impact for communities of natural, mined diamonds,” says Executive Committee member Rebecca Foerster, president of Alrosa USA.

D.E.F President, Anna Martin, senior vice president of GIA, echoes, “Educating the younger generation on the good diamonds do and inviting them to engage in this narrative will help boost consumer confidence in, and ultimately demand for, diamonds.”

The winning video can be seen on DiamondsDoGood.com/myproposalcontest.

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Press Releases

Fortuna Completes First Sale of New Decade

It featured a diamond that brought $40,625.

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(PRESS RELEASE) On February 6, 2020, Fortuna held its first sale of the new decade with exciting results that set the NY-based jewelry and watch auction house apart from current jewelry sale trends. The Fine Jewels sale offered a well-rounded selection of fine estate diamond jewelry and designer pieces, and achieved a nearly 70% sell-through rate—a great feat for this time of year.

The sale brought in bidders and consigners from around the world, featuring items consigned from countries like Spain, and bids coming all the way from Kuwait. It was also the first of Fortuna’s auctions to be streamed live on Facebook, highlighting the boutique auction house’s global reach.

Among the sale highlights sold was a 4.13-Carat Emerald-Cut Loose Diamond. This fine diamond came accompanied by a GIA diamond report stating the stone as possessing G color and VVS1 clarity. This particular diamond, which any jeweler would be thrilled to turn into an engagement ring, achieved $40,625 at auction. Most of the important stones in this sale came with a GIA certificate, which industry insiders trust as the ultimate stamp of verification of quality.

The sale also featured rarely seen designs, like that of a Tiffany & Co. Aquamarine Morganite and Diamond Drop Necklace. The piece, which was the property of a lady, had never been worn and was in excellent condition. The stunning lot which was crafted in platinum in a spectacular cascading design, achieved an impressive $30,000 at auction—more than double its starting bid.

Upcoming Fortuna Auction Sales

The next Fine Jewels auction on Fortuna’s calendar is set for March 19 at 1PM EDT, and is still accepting consignments. If you have jewelry or watches you would like to submit for auction, visit our website at www.FortunaAuction.com or call our office at (212)389-9040 for a free valuation.

Tiffany Co. Morganite Aquamarine Necklace

4.13ct Emerald Cut Loose Diamond

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