- Top stories in Gem and Jewelry market
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.
Thailand’s gem and jewelry import value in January 2021 was at USD 1,469.84 million, a 1.45-fold growth, compared to the same period of the previous year. While Thailand’s gem and jewelry export value of 2021’s first month in US dollar slumped 70.68 percent from USD 1,734.87 million of the same period of 2020 to USD 508.64 million.
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.
Thai gem and jewelry export value of 2020 increased 15.94 percent whereas import value dropped 33.51 percent. Unwrought or semi-manufactured gold remained the dominant product in import and export. Thailand’s gem and jewelry export value excluding unwrought or semi-manufactured gold slid 40.09 percent from the previous year.
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.
- News update in Gem and Jewelry industry
Informa Markets Jewellery intends to organise 20 in-person events and eight virtual sourcing festivals over the next 12 months to help the international jewellery industry regain its footing after over a year of pandemic-induced challenges.
Alrosa’s sales jumped sharply in the first quarter as market activity rebounded across the diamond supply chain, the company said last week. Revenue from rough and polished diamonds grew 28% year on year to $1.16 billion for the first three months of 2021.
US retail sales rebounded strongly in March as consumers went out to spend the stimulus money they had received from the government, the National Retail Federation (NRF) said. Revenue rose 28% year on year and 10% versus February’s total as consumer sentiment grew, according to data the US Census Bureau reported last week.
The Jewelers Board of Trade’s (JBT) roster of North American jewelry companies stayed relatively flat in the first quarter of 2021, a surprising turnaround after more than a decade of steep declines.
In the United States, at least 62 percent of wedding receptions have been postponed, and micro-weddings with less than 20 guests are becoming a new norm. However, despite delays and limits on social gatherings, there’s a marriage tradition that hasn’t changed: sealing the deal with a diamond engagement ring.
Sales at LVMH Moët Hennessy Louis Vuitton’s luxury jewellery houses rose 138 per cent year on year in the first quarter of 2021, due in part to its recent acquisition of Tiffany & Co.
Gemological Science International (GSI) is opening its latest laboratory, this time in the city of Jaipur in India. These will include an array of educational programmes, including entry-level and advanced coloured stone identification courses, seminars and lectures.
Jewellery & Watch and Fashion (JWF), part of Hyve Group’s Autumn Fair, is set to return in a physical format after the pandemic. It will take place at the usual venue of Birmingham’s NEC from 5-8 September, 2021, with the show organisers promising to provide key networking opportunities to kickstart the industry once more.
Alrosa has pushed back its April contract sale by a week to support the diamond industry’s inventory balance. The next trading session will begin on April 19 instead of April 12, 2021.
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- International Gem and Jewelry Fairs, Seminars and Conferences