Issue 43

 

 

Thai jewelry has developed international repute for the quality of its design, cutting and polishing, but the owner of leading exporter Yakhunit believes there is still much room for expansion in the market.

Visitors will discover the intricate detail, innovative techniques and elaborate designs of the Thai gem and jewelry industry at the 57th Bangkok Gems & Jewelry Fair (BGJF), held at the at Bangkok’s IMPACT Exhibition and Convention Center from February 24 to 28, 2016.

 

 

“While Hong Kong is well known as a hub for diamonds, Thailand is recognised for its gemstones,” says Khajohnkiat Suwanichkul, owner of Yakhunit, which exports semi-precious stones with silver and gold design to Australia, the US, the EU and Middle East. “Even if it’s harder now to find precious gemstones in Thailand, our craft cutting of both precious and semi-precious gemstones is well-known all over the world.”

Thailand’s gem and jewelry business is booming. In 2014, exports reached 324.1 billion baht (almost $9 billion), and figures for the first 11 months in 2015 were 16.87% up on the corresponding period the previous year. Gemstones represent 12.33% of the total export value of Thailand's gem and jewelry industry behind gold and semi-finished gold, jewelry and diamonds.

Yakhunit was established in 2000 as a manufacturer of jewelry focused on semi-precious stones from Brazil.

“Latin America is well known for its semi-precious stones, such as amethyst and blue topaz,” Suwanichkul says. “Our selling point is the strength of our design and craftsmanship.”

According to Suwanichkul, Thai craftsmanship is highly regarded on the global jewelry market. “Clients trust Made in Thailand,” he says. However, the jewelry entrepreneur feels there is room for improvement in the industry. “Thailand is renowned as a source for precious stones but where we seem lacking is the variety of jewelry design. If our Thai entrepreneurs strengthen this point, I think our industry will be more attractive,” he says.

The BGJF is one of the main channels for the Thai gems and jewelry industry to gain access to more markets. “If we could have more entrepreneurs from AEC countries at the BGJF, it would make the event even more interesting. Thailand could be the gem and jewelry gateway to ASEAN as well,” he says. “Thai entrepreneurs should have more positive expectations since the introduction of Zero VAT and duty free [for BGJF].”

As for Yakhunit, Suwanichkul says the company is planning to launch its own brand in 2016. “We believe that our Thai jewelry industry still has a long way to go,” he says.

For more information, visit www.yakhunit.com

Words by Natthinee Ratanaprasidhi