- Top stories in Gem and Jewelry market
The rise of senior population brought about the new economic system called “Silver Economy,” which is related to activities that cater to the elderly’s needs and demands. The YOLD as one of the world’s highest purchasing-power consumers, the elderly is an emerging market which will contribute greatly to the global economy in the coming years, with their spending oriented towards vacation, beauty care, healthcare and other premium products and services, including gems and jewelry.
Thailand’s gem and jewelry export value (excluding gold) of the first 9 months of 2021 stepped up 27.42 percent year-on-year. After economic activities of various sectors have been consistently resumed, halts in manufacturing sector and labor shortages have become positively improved in many noted markets.
Formerly, driving economy by responding to consumption used linear economy structure, which consumes the most resources to manufacture the highest volume of products and services. Linear economy affects the world as it causes waste and pollution problems. These circumstances have led to a reconsideration of a concept in creating a balance by pushing circular economy
In the world where sustainability becomes a critical issue, ethical consumption can be achieved in part by knowing the journey of the product you are buying. Even more so, the appreciation for the sweats shed in the process may even increase the value of the product itself. Thailand is a small country in the world of business, but when it comes to producing these lustrous objects, the country is a hidden gem. They pride themselves over the long history of uniquely handcrafted artisans found everywhere from temples to theatres. Similarly, their distinguishing aspect in the gem and jewelry industry is the incomparable level of expertise in processing rough colored gemstones. The skill is supported by cutting-edge technologies that provide standards and knowledge. In addition, The Gem and Jewelry Institute of Thailand, or GIT, has been promoting sustainability in the country’s gem and jewelry ecosystem via various means. Together, this results in high quality products with competitive prices from transparent sources.
Gem and jewelry industry is one of the industries contributing to air pollution throughout its supply chain from material sources to delivery of finished products to consumers. Most of the production cycles creating high carbon footprint are of gem and precious metal mining as well as manufacturing processes to create jewelry. Inevitably, carbon dioxide is released into environment through these processes. Nowadays, many companies in the industry have increasingly given priority to environmental issues. With the goal to decrease greenhouse gas emissions, manufacturing processes have been adjusted to employ green renewable energy.
Country Brand, a marketing strategy, has increasingly drawn attention of many countries because a good national image is a tool in ensuring product quality as well as raising competitiveness and adding value to products. For instance, consumers have no hesitation in purchasing products made in Germany or Japan. This is because they are confidence of the countries’ production quality; hence they are willing to pay despite high prices. However, a country’s respectable image requires long accumulated reputation and continued image building marketing. Which countries have started to build their country brand to boost export opportunity? More details are featured in the following article.
- News update in Gem and Jewelry industry
GJEPC Membership now Compulsory for Kimberley Process Regulation in India. In line with the current government’s focus on “minimum Government and maximum governance,” by easing the procedures of doing business in India, the Govt. of India has mandated membership of GJEPC for getting the Kimberley Process Certificate for import and export of rough diamonds into India.
Rio Tinto is now the sole owner of Canada’s Diavik Diamond Mine, located in the Northwest Territories. It had previously owned 60 percent, partnering with Dominion Diamond Mines.
The latest data from the Fancy Color Research Foundation (FCRF) indicates blue diamond prices have further increased in price and done so again more than pink diamonds over the third quarter of 2021.
With the demand driven by fashion jewellery trends and high-tech, non-jewellery applications, the lab-created diamond market is expected to grow by almost US$4 billion ($AU5.32 billion) by 2025, according to an independent New York-based industry analyst.
Expanding the definition of conflict diamonds will remain a priority agenda in the next Kimberley Process (KP) review cycle since no concrete decision was made in the recently held 2021 KP plenary. The World Diamond Council (WDC) however cited “progress” toward this direction.
Robust recovery in China and the US coupled with the continued strength of online channels will further lift sales of luxury clothing, shoes and jewellery in 2021, surpassing pre-Covid 2019, Bain & Co revealed. The rebound is happening faster than expected, with the personal luxury goods industry estimated to reach EUR283 billion by yearend, up 1 per cent from 2019.
Alrosa’s rough and polished diamond sales continued to strengthen, fuelled by robust demand for diamond jewellery and generally favourable market conditions, the company announced recently. While sales in October, which totalled US$308 million, were still slightly behind US$310 million raised in the same period in 2020, January to October 2021 figures showed an 89 per cent increase to US$3.58 billion from last year’s US$1.89 billion.
Holiday spending in the US could rise exponentially, with retail sales in November and December seen to grow between 8.5 per cent and 10.5 per cent from 2020 as incomes and savings soar. Spending could “shatter previous records” and push holiday sales to between US$843.4 billion and US$859 billion during the last two months of the year. By comparison, sales in 2020 were up 8.2 per cent to US$777.3 billion.
Myanmar jade traders are running from junta troops and dodging rebel attacks to sell dwindling volumes of the green gemstone, as the billion-dollar industry loses its shine months on from the coup. The Southeast Asian country has been mired in chaos since the February putsch, with the military trying to crush widespread democracy protests and the economy in crisis.
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