Jewellery fair to boost Thailand status

Posted February 17, 2016 | By Emily Mobbs • Former Editor

Increased government support ahead of the upcoming Bangkok jewellery fair is expected to significantly assist Thailand in its bid to become the ‘gem hub’ of the world.

President of the Gems, Jewelry and Precious Metal Confederation of Thailand (GJPCT), Somchai Phornchindarak, explained that Thailand had developed an international reputation for fine quality coloured gemstones, which is a fact that would be promoted at the 57th Bangkok Gems and Jewelry Fair (BGJF).

The BGJF – taking place from 24 to 28 February – is said to include 3,500 exhibitors while attracting international buyers from countries including the US, Europe, Russia, China, ASEAN (Association of Southeast Asian Nations) and the Middle East.

Somchai Phornchindarak, GJPCT president

Commenting on the lobbying for more government support, Phornchindarak said, “In three to five years’ time Thailand will become the gem hub of ASEAN but we will not rest there. I want it to be capital of the world, that’s why we are asking for government support.”

According to Phornchindarak, discussions about securing ‘zero duty’ status – to better align with Hong Kong – were progressing.

The package is subject to government approval and involves the exemption of value-added tax (VAT) for imports of finished diamonds and gemstones for manufacturing, rough stones for manufacturing and sale, machinery tools and essential materials.

President of the Thai Gem and Jewelry Traders Association (TGJTA), Suttipong Damrongsakul, said the proposals would likely be approved before the 58th BGJF in September 2016.

Suttipong Damrongsakul, TGJTA president

“We’re 90 per cent there,” he commented. “By September we will have better tools to compete with Hong Kong.”

Damrongsakul added that recent global economic downturns, which have affected the luxury industry, could play to the advantage of the 57th BGJF.

“Thailand is at centre of the ASEAN Economic Community (AEC), a new community of 600 million people,” he said. “Buyers can reach new suppliers from the AEC, and suppliers can reach international buyers – all in a one-stop expo.”

The biannual BGJF is believed to be the second largest gemstone and jewellery trade show in Asia and the fifth largest globally.

The upcoming event is organised by the GJPCT, TGJTA and Department of International Trade Promotion (DITP) and will be held at Impact Muang Thong Thani in Bangkok.