- Top stories in Gem and Jewelry market
Thailand’s gem and jewelry export value of January-July 2023 fell 16.47 percent from the value of USD 9,779.58 million in the same period of last year. However, export value of Thai gem and jewelry products (excluding gold) of January-July 2023 increased due to positive factors, which led to the rise of the sector’s PMI and consumer confidence in leading economic countries.
The Gem and Jewelry Institute of Thailand (GIT) has been conducting extensive study on "Colored Stone Quality Standards," especially on gem corundum, for over two decades. To better serve the global ruby market, a new trade color known as "Rabbit's Eye Red" for ruby has been developed and implemented to fill a gap in the fine color of ruby.
The recent covid-19 outbreak has altered people's behavior all around the world. People are beginning to favor products and services from firms that emphasize sustainability, social responsibility, and environmental friendliness as a result. This tendency drives producers in various industries, including gem and jewelry, to develop more responsible supply chains in order to contribute to the problem's resolution.
Changes are inevitable, especially in this era when it is believed that everyone must have at least heard of or known about ‘Disruption’. The word refers to significant changes in the environment that bring more attention to such conversions, particularly those driven by technology, which are the key mechanism of change in many fields. Similarly, changes have been observed in the gem and jewelry business. Changes caused by technology might be minor, major, quick, gradual, low-profile, high-profile, imminent, or stagnant. Let us examine the changes and their intriguing elements.
The Middle East is one of the world’s largest markets with high purchasing power.specifically those in the Gulf Cooperation Council (GCC), which consists of six members: the United Arab Emirates, Bahrain, Kuwait, Oman, Qatar, and Saudi Arabia. With no or limited capacity to manufacture most products for domestic consumption, these countries depend on the import, not only of consumer products but also luxury, including gem and jewelry. Therefore, this market offers a promising opportunity for Thai gem and jewelry.
AR technology allows customers to experience trying on jewelry pieces in real-time as if they are at a jewelry store. Shoppers can explore or try on products and also decide on buying a product more conveniently. Such service will help promote online jewelry sales.
- News update in Gem and Jewelry industry
In response to challenging conditions affecting the natural diamond pipeline, Indian industry associations have called on members to not import any rough for the next two months. The voluntary moratorium will start on Oct. 15 and run through Dec. 15. The groups plan to assess the situation on Dec. 1.
Lily James, the Natural Diamond Council’s global ambassador since September 2022, poses for the new 2023/2024 global campaign. Shot in New York City by photographer Cass Bird, the shoot comprises four looks styled with a variety of natural diamonds to represent a few of life’s most brilliant moments.
European Union legislators have struck a deal for new rules that will ban most companies from using widely used eco-descriptors like environmentally friendly, eco, climate neutral, and carbon neutral. The new rules still have to receive approval from the full European Parliament and Council. Those bodies are expected to vote in November.
According to Zimnisky, annual global natural diamond production will remain within a range of approximately 115 and 125 million carats through the end of the 2020’s. Additionally, Diavik, Ekati, Nyurbinskaya, and Almazy-Anabara – mines that currently account for 15% of global supply by volume - are expected to either exhaust their economically viable reserves or cease conventional mining operations by the end of this decade.
The World Diamond Council (WDC) and the Belgian government have released dueling plans detailing how the industry might fulfill the Group of Seven’s (G7) desire to bar Russian polished gems from member countries.
After halting mining operations this year, Greenland Ruby hopes to restart production at its Aappaluttoq deposit in 2025—once the company sells its current inventory. Greenland Ruby’s success “was dependent on good mining but, even more important, good sales.
De Beers Group is reintroducing its “A Diamond is Forever” tagline, backed by a US$20 million investment to support consumer demand for diamonds in the US and China as the holiday season approaches. The category investment will be incremental to De Beers’ ongoing brand initiatives as the company reinstates its iconic “Seize the Day” campaign, now modernised to resonate with a new generation.
The Natural Diamond Council (NDC) is teaming up with two leading Chinese jewellery brands to further advance its natural diamond drive in China. As strategic partners of NDC, bridal jeweller DR Diamond Ring (Darry Ring) and jewellery brand Liu Gui Fu Jewelry will aid promotional and educational campaigns on natural diamonds launched by NDC in China.
A rare selection of fancy colour diamonds is expected to attract buyers’ attention at Phillips upcoming Hong Kong Jewels Auction scheduled for October 5, 2023. Nearly 100 lots featuring an assortment fancy colour diamonds, unheated Burmese rubies and sapphires, Colombian emeralds and vintage.
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