Issue 45

 

 

The 57th edition of the Bangkok Gems & Jewelry Fair announced Thailand as the golden gateway to ASEAN.

“I believe that the Thai gems and jewelry industry is on course to become a jewelry hub, not just in ASEAN but of the world within the next few years,” Suttipong Damrongsakul, President of the Thai Gem and Jewelry Traders Association (TGJTA) told assembled international media at the 57th Bangkok Gems & Jewelry Fair (BGJF) on February 26.

Thailand’s gems and jewelry industry constitutes an essential part of the country’s export trade. The jewelry industry is ranked third after automobiles and electronics generating 371 billion baht ($10.3 billion). The 15,777 businesses involved in the industry employs 1.3 million people.

“We have come a long way from several decades ago when the industry was formed,” said Somchai Phornchindarak, President of the Thai Gems, Jewelry and Precious Metal Confederation (GJPCT) of Thailand. “Today, Thai gems and jewelry is accepted everywhere in the world due to its high-quality and skilled craftsmanship.”

 

 

Damrongsakul believes the industry needs to focus more on some certain issues to achieve its target of Thailand becoming a gem and jewelry hub.

“Firstly, we should build up more skilled workers and designers,” he said. “Second, find the way to fix the shortage of upstream materials like rough stones, raw gems, rough diamonds. Third, stimulate marketing support for manufacturers and exporters. Fourth, amend the laws to support the industry. Next, help SMEs to access financial support from the financial institutions in Thailand. And last, we should encourage technology and innovation development in the industry.”

The industry experts took the opportunity of the 57th BGJF to launch the Ruby Symposium 2017, which will be held in the Thai capital in April next year.

“We aim to work with the government to hold the Ruby Symposium in Bangkok in 2017 to focus about commercial issues in the world ruby industry,” said Suttipong Damrongsakul. “Keynote speakers will include shareholders worldwide, with over 400 participants joining the event.”

“The aim of the Ruby Symposium is to address the issues and challenges of the world’s ruby trade and to establish a transparent and trustworthy supply chain on an international level,” added Somchai Phornchindarak.

Suttipong Damrongsakul believes that Thailand’s gems and jewelry can build on its comparative strengths to become a regional powerhouse.

“Thailand is also a good place to do business in the region compared to Singapore, Hong Kong and China,” he said. “Our business operation costs and expenses are much affordable for business people. Thailand could be a centre not only for ASEAN but can be ASEAN+6.”

One change for 2017 is that BGJF will no longer be held in February, but rather in January, in a move aimed at distancing itself from the Hong Kong International Jewelry Show. The September BGJF will also be brought forwards to August.

“This is to ensure that buyers would not need to hurry from our fair to other fairs in the region and that exhibitors will be able to participate at the fair,” said Suttipong Damrongsakul.

The 57th BGJF was held at Impact Muang Thong Thani, Bangkok from February 24 to 28. Over 30,000 visitors from around the world visited the 2,600 exhibitors at Asia’s second largest gems and jewelry showcase.

Words by Mark Bibby Jackson