With October upon us, we have just seen another edition
of the Bangkok Gems & Jewelry Fair. The Bangkok Fair, as it
is known internationally, has grown from its modest roots intoa
globally recognised and respected trade event. It has contributed
in no small measure to the grownth in Thaigem and jewellery exports
and is our showcase to the world for the beautiful products that
our industry is creating and manufacturing.
Thailand's jewellery exports are expected
to grow 3-5 per cent this year, according to the chairman of the
Thai Gem and Jewelry Traders Association, Mr Somchai Pornjindarak,
speaking at the opening of the 52nd Bangkok Gems and Jewellery Fair.
Mr Somchai said the forecast export grownth
of 3-5 per cent was due to the improving economy of the USA, which
is Thailand's largest single market for Jewellery. He said other
factors included road shows and expos in other markets such as the
Middle East, Africa and former Soviet Union countries.
Thailand is seeking greater opportunities to
expand its gem and jewellery market in the Asean region, a large
market of 600 million people. The integration of the region as the
Asean Economic Community will provide bright prospects for the Thai
gem and jewellery industry as it penetrates the Asean market. Moreover.
Thailand will benefit from customs exemptions and rules of origin
requirements when Asean becomes a single market in 2015. It is expected
to export more gems and jewellery to Asean dialogue partners, such
as China, Japan, and Korea.
Statistics from the Global Trade Atlas show that
the gem and jewellery trade among the 10 Asean countries registered
at US$1,428 million in export value. Thailand's gem and jewellery
business in the Asean region is still relatively small, about US$52.4
million in export value.
The gemstone and jewellery industry is one of
Thailand's top foreign exchange earners, and it generates employment
for 1.1 million people in Thailand. Out of this number, 75 percent
are engaged in cottage industries in more than 20 provinces, and
the remaining 25 percent include workers in Bangkok and nearby provinces.
Tanzania is set to borrow and example from the
government of Thailand: boosting its gemstones trade by introducing
a zero-VAT Scheme, like that seen at The Bangkok Gems and Jewelry
Tanzania is currently organizing the Arusha International
Gem, Jewelry and Minerals Fair towards the end of October, and if
the Tanzania Revenue Authority (TRA) could consider a tax waiver
during this event, the move could attract more exhibitors from the
regional and global markets and thus add value to Tanzania's gemstone
The zero-VAT scheme enhances Thailand's attractive
image and competitiveness as the destination for the world's best
gemstones and as the world's most comprehensive jewellery hub, an
excellent example that Tanzania could emulate.
Tanzania's delegation to the 52nd Bangkok Gems
& Jewelry Fair, led by Deputy Minister for Energy and Minerals
Mr Stephen Mastle was impressed by the zero-VAT scheme, saying that
the granting of the duty free status could symbolize great support
for Tanzania's gems and Jewellery industry, taking into consideration
that the country has great potential in the industry.
Cover picture :
This delightful suite of gemset jewellery, by a leading Thai producer,
highlights the theme of 'Ploi Thai,' the national brandname for
gemstones manufactured in Thailand by expert Thai gemcutters. Photo
Gem and Jewelry Traders Association.