- Top stories in Gem and Jewelry market
Thailand’s gem and jewelry export value (excluding gold) of the first 4 months of 2021 increased 1.05 percent. Because many countries’ earlier-than-expected success in Covid-19 vaccinations and economic stimulus measures helped boost consumers’ confidence. While the import value of January to April 2021 was at USD 5,633.44 million, a 94.46 percent upsurge
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.
Thailand’s gem and jewelry import value of January to March 2021 was at USD 5,096.52 million, an 86.04 percent year-on-year surge. While the export value shrank because its exports to many major markets dropped. The export value of gem and jewelry products was at USD 1,805.06 million, a 66.80 percent slump.
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.
Ethics and sustainability have been recognized and practiced by many sectors. The gem and jewelry industry has also built awareness and specified the definition of ethics. It covers from upstream to downstream—transparent mining, providing good hygiene for workers, offering origin traceability throughout supply chain, being mindful of possible impacts to environment and neighboring communities, using reused or recycled materials, and giving fair wages.
- News update in Gem and Jewelry industry
The market’s insatiable appetite for gold as a precious metal has led to sustained recovery in gold jewellery demand in 2021 after a tumultuous year of pandemic-related lockdowns and business disruptions, with buyers purchasing jewellery as gifts or investment products.
India’s exports of cut and polished diamonds saw a double-digit increase in April to May 2021 mainly due to stable demand in the key jewellery markets of the US, China and Europe amid Covid-19.
The luxury jewelry and watch industries are set to recover gradually over the next four years, led by strong growth among Chinese consumers, according to McKinsey and Company.
On July 9 in Hong Kong, Sotheby’s will auction a 101.38 ct. pear-shape D color flawless diamond for an estimated $10 million to $15 million—and it’s accepting cryptocurrency from the highest bidder.
Hong Kong jeweler Chow Tai Fook has joined the World Jewellery Confederation (CIBJO) in what the organization hails as a “giant milestone” for the industry. Chow Tai Fook will provide the confederation with a considerably broader perspective, not only in what are several of the fastest-growing markets in the global jewelry trade, but also in the online environment, which is consuming an ever-larger share of sales.
US retail sales fell slightly in May amid supply-chain holdups that limited purchasing. Revenue slipped 1.3% month on month but rose 28% compared to the same period last year, reflecting coronavirus-related store closures during May 2020.
Gemfields, a UK-headquartered coloured gemstone supplier and owner of Fabergé, is reportedly set to face backlash from its shareholders at its annual meeting later this week. This is due to a lack of transparency over its bonus scheme as well as its executive pay plans.
Sales of men’s engagement rings are on the rise as women become increasingly like to propose, research has found. Bespoke UK jewellery brand Taylor & Hart has conducted research which says that interest in men’s engagement ring is up 69% on last year.
Group revenue at Chow Tai Fook rose for the full fiscal year amid an expansion of the company’s mainland China operations and improved consumer sentiment. Sales jumped 24% to HKD 70.16 billion ($9.04 billion) for the 12 months ending March 31.
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