- Top stories in Gem and Jewelry market
Thailand’s gem and jewelry import value of January to November 2020 was at USD 7,454.53 million, a 34.85 percent slide, compared to the same period of last year. While Thailand’s gem and jewelry export value from January to November 2020 was at USD 17,548.80 million, a 17.24 percent rise compared to the value of USD 14,968.31 million of the same period of the previous year.
Thailand’s gem and jewelry import value of January-October 2020 was at USD 5,636.08 million (THB 176,714.61 million), a 44.69 percent slump (a 45.08 percent in Thai baht) compared to the same period of the previous year. However, the import in October declined by 17.85 percent compared to that of September 2020. Thailand’s import of unwrought or semi-finished gold, the key product with a share of around 43 percent, slid 44.68 percent. The import of colored stone also went down by 14.96 percent. The products with growth in import value were diamond, fine jewelry, and silver.
As the world is inclined to face different crises regarding society, environment and morality, which will inflict economy and people’s living in general, there has been demand for more transparency and social and environmental responsibility in business operation. Business corporates in different industries including gem and jewelry have to readjust to meet the demand of consumers by operating with ethics and being responsible to society and environment. The alteration will build brands and companies’ good images in consumers’ mind. This will eventually lead to a well-balanced progress for economy, society and environment, which can be called a sustainable development.
There is no question that the COVID-19 pandemic has brought about the new normal in way of living, for instance, working from home has become a usual thing and more activities have been carried out through digital domains. Since consumers’ behaviors have changed, adjustments are necessary for business sectors. Many businesses have shifted to online trading or e-commerce. Gem and jewelry businesses have also held virtual events instead of physical events and/or sold products through live streaming. It has been expected that such changes will remain despite the end of the pandemic.
Since the beginning of 2020, the world has faced many circumstances jarring its dynamic in different matters, including natural disasters, environmental issues, the trade war and political tensions. Also, the one that has turned the whole world upside down is the COVID-19 pandemic, which started in December 2019 and has spread to every continent.
Today consumers are bombarded by an endless variety of trends like countless waves consistently breaking upon the shore. Many industries, including gem and jewelry, are obliged to adapt and transform not only adapting to emerging “sciences” but also applying “the arts” to their products.
- News update in Gem and Jewelry industry
The Gemological Institute of America (GIA) recently introduced the Cultured Pearl Classification Report, which provides clients with extensive information on cultured Akoya, South Sea and Tahitian pearls.
Antwerp is hosting eight rough diamond tenders throughout January, reflecting continued trading activity in the diamond sector amid the Covid-19 pandemic, revealed the Antwerp World Diamond Centre (AWDC).
Alrosa’s sales soared in December to their highest level in almost three years as rough demand continued to gain momentum.
Solid consumer demand coupled with the continued easing of the coronavirus situation in China bolstered Chow Tai Fook Jewellery Group Ltd’s third-quarter sales, the company announced recently.
Coloured gemstones falling within the Ultimate Gray and Illuminating colour categories are seen to attract the jewellery market’s attention in 2021, according to the International Colored Gemstone Association (ICA).
Pandora has warned it is uncertain how the escalation in Covid-19 cases will impact its 2021 sales, as more stores close.
Sales at Hong Kong-based jeweler Chow Tai Fook grew 17.5% year on year in the last three months of 2020 as a recovery in mainland China outweighed weakness in its home territory.
Cooksongold has reported almost a £100m increase in turnover, bolstered by the hike of the price of gold in 2019.
The COVID-19 pandemic has been challenging retailers in Manhattan, one of the world’s biggest and most famous shopping meccas, since New York State Governor Andrew Cuomo declared a state of emergency on March 7, 2020.
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