- Top stories in Gem and Jewelry market
Thailand’s gem and jewelry export value from January to July 2021 fell 54.02 percent, compared to the value of USD 12,064.20 million of the same period in 2020, to USD 5,546.53 million. However, Thailand’s gem and jewelry export value (excluding gold) of the first 7 months of 2021 increased 26.58 percent year-on-year because of economic activities have been resumed and confidence has continually regained
Thailand’s gem and jewelry import value of January to June 2021 was USD 7,199.54 million, a 102.54 percent surge compared to the previous year. Unwrought or semi-finished gold, Thailand’s chief import product accounting for around 73 percent, skyrocketed 139.46 percent. The imports of diamonds, silver, fine jewelry, and colored stones rose 62.25, 59.72, 12.53 and 12.37 percent, respectively.
Thailand’s gem and jewelry export value from January to May 2021 slipped 62.95 percent, compared to the same period in 2020, to USD 3,547.84 million. However, Thailand’s gem and jewelry export value (excluding gold) of the first 5 months of 2021 increased 12.89 percent year-on-year owing to the growths in exports to several key markets such as the US, India, and the UK
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
Figures from China’s National Bureau of Statistics, show that retail sales of gold, silver and jewellery products by enterprises above the designated size amounted to 20.3 billion yuan (around $3.15 billion) in July and increased by 14.3% year-on-year.
Sales, prices and midstream and retail trends show that the industry may be nearing a “possible forming of a supercycle in the diamond market.
Rapaport Magazine, founding director of the Centre for Natural Resource Governance, in which he argued that the Kimberley Process was allowing Zimbabwe to export conflict diamonds. He cited allegations of torture and violence against local artisanal miners.
Buyers’ appetite for radiant, top-quality diamonds remains insatiable amid a more challenging macroeconomic environment as intricately designed diamond jewellery pieces still command attention and high prices in the market.
Alrosa’s sales jumped 41% year on year in August amid steady consumer demand, even as inventory shortages led to the lowest monthly sales since the start of the year.
Plans are underway to further develop Macau as a rough diamond processing centre, according to a recently announced masterplan for the city’s economic diversification and regional cooperation. The Official Plan for the Hengqin Guangdong-Macao Intensive Cooperation Zone supports the development of rough diamond processing capabilities and the building of a world-class rough diamond and gemstone trading centre in Macau.
Protecting the environment, enhancing traceability and ensuring the wellbeing of workers – these are some of the sustainable goals that Guangdong Land (Shenzhen) Ltd or GD Land aims to address as it builds GD Land City, the group’s flagship project in Luohu, Shenzhen. GD Land believes that this modern piece of real estate and commercial development can contribute to China’s burgeoning jewellery industry and its collective journey towards sustainability.
China’s demand for jewelry is driving the opening of an unprecedented number of new jewelry stores. Chow Tai Fook, China’s largest jeweller, saw its sales soar 70% year-on-year in Q2 2021, driven by “buoyant consumer sentiment” in Mainland China and “continued recovery” in Hong Kong and Macau markets.
Russian mining giant Alrosa raked in a net profit of $411 million in the second quarter of 2021 – a rise of 26% quarter-on-quarter, Mining Weekly reports.
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