Thailand
Thailand: Ministry expects 20% rise in gems, jewellery exports
The Commerce Ministry expects gems and jewellery exports including gold to grow by 20% next year, boosted by expected easing of the pandemic, relaxation of lockdown measures and online sales expansion and gems fairs.
Somdet Susomboon, director-general of the International Trade Promotion Department (DITP), is optimistic about next year’s outlook, with exports of gems and jewellery including gold projected to grow 20% this year.
The department reported gems and jewellery exports including gold rose 33.7% to US$12.1 billion or 376 billion baht in the first seven months this year. However, excluding volatile gold, shipments fetched $2.57 billion, down by 41.8% year-on-year.
By year-end, the department predicted gems and jewellery exports excluding gold to drop by 10%. A similar decline is forecast for next year.
“We hope shipments of gems and jewellery exports excluding gold contract less than 10% next year, with easing risk factors including the virus and the department’s plans to beef up online sales and trade fairs in 2021,” said Mr Somdet.
Gems and jewellery exports rank third for total shipment value, trailing automobiles and parts, and computers and parts. The industry employs more than 700,000 staff.
Last year gems and jewellery exports including gold topped $15.7 billion (489 billion baht), up 30.3% from the previous year. In baht terms, export value amounted to 486 billion baht, up 26.6%.
Excluding volatile gold, shipments fetched $8.09 billion, up 6.34% over 2018, or 251 billion baht, up 2.70%. Key export markets included Asean, India, the Middle East and Hong Kong.
According to Mr Somdet, the overall gems and jewellery industry is likely to see a major boost if Thailand succeeds in clinching a travel bubble deal with trading partners such as China.
The department organised “BGJE Special Edition — On the Ground to Online”, a virtual trade fair, for Nov 2-4, via www.bkkgems-vts.com. It will be the first time more than 600 exhibitors in the gems and jewellery industry showcase their products through an online platform, said DITP.
The event is a combination virtual exhibition and online business matching. Buyers can access the virtual exhibition and schedule trade negotiations with the exhibitors directly through the live chat platform, or make a video call. DITP expects the virtual trade fair to generate 1.2 billion baht worth of transactions.
The department is planning the 66th Bangkok Gems and Jewelry Fair for Feb 23-27, 2021 at Impact Muang Thong Thani.
Source: https://www.bangkokpost.com/business/2004779/ministry-expects-20-rise-in-gems-jewellery-exports