Gem & Jewelry Articles
Current Situation of Thailand’s Gem and Jewelry Industry
Gem and jewelry has been among Thailand's top ten export products for a long time. In 2015, Thailand's export value of gem and jewelry products was USD 10,993.35 million. It was the third most important export product following automotive products & parts and computer-related components respectively, accounting for 5.13 percent of the country's gross exports. It also created an employment to nearly 1 million workers along the supply chain. The product categories in which Thailand has high competitiveness in the global market are polished precious stones and gemset jewelry.
Jewelry for the Elderly: Another Potential Niche Market
In the next 40 years, around one in five of the global population will be over 65 years old. Most of them will be in European countries, such as Germany, the United Kingdom and Italy, as well as in Asian countries like China, Singapore and especially Japan, which has already become an aging society since 2010. Consumers in these countries also have high purchasing power. In 2014, the average income per person in six countries, including Germany, the United Kingdom, Italy, China, Singapore and Japan, were almost four times higher than the average income of the global population.
Gem and Jewelry Buying Behavior in Various Generations
The demographic structure in each period of time results in difference in values, attitudes and consumption behaviors. Consumers' age and lifestyle are essential factors in determining their preferences in jewelry purchase in terms of designs, types of gemstones and materials, and pricing levels. Therefore, before marketing gem and jewelry products, entrepreneurs should clearly understand the target group in each market, as well as their consumption behaviors and characteristics of the products which cater for each target group.
Chompu Phuka: The Silverware of Nan
"Nan" –a province being shrouded in mist and surrounded by mountains – is one of the most outstanding silverware manufacturing centers of Thailand with a long history of handicraft tradition. Techniques and know-how have been passed on from generation to generation, and silverware making has become a professional trade since 1972. Then in1995, a group of craftsmen in silverware, embroidery, handicraft and textile founded "Nan's Chompu Phuka Silver and Handicraft Center" with an aim to promote local silverware items made by hill-tribe people as souvenirs for visitors.
