Gem & Jewelry Articles
Right Strategy for ASEAN Gen Y
Today, most of the middle-class or working age population is those in Generation Y, or the Millennials, who are the target consumer for marketers around the world. This group of people has individual uniqueness, fresh perspectives and proficiency in digital technology. Being entirely different from previous generations, it is difficult to reach Gen Y with traditional marketing strategies, especially in ASEAN countries, where a very large number of the population are in this age group.
Indonesia: ASEAN’s Emerging Jewelry Manufacturing Center
The Republic of Indonesia stands as the largest economy in ASEAN, the fifth largest in Asia and the 16th largest in the world, with the gross domestic product of 932 billion US dollars in 2016. The industrial sector is the country's main economic driver which generates enormous revenue. As a part of this developing sector, jewelry manufacturing industry earns considerable income each year, both from domestic and international markets. The Indonesian government recognizes the importance of the jewelry industry and is committed to promote Indonesia as a jewelry manufacturing center of this region, while establishing the business network with other countries in South East Asia, including Thailand.
Gold Trading and Consumption in CLMV
Gold is a popular saving option among people of every income level, especially during a time of economic and political uncertainty. Inflation is also one of many factors prompting gold saving. At present, the global average inflation rate is at 10.95%. With an inflation rate of 741%, Venezuela remains the country with the highest inflation rate in the world. Among all ASEAN countries, Myanmar is the country with the highest inflation rate of 9.94%. Such unstable situations pose possible risks of cash devaluation. Today's cash of 100 baht may worth 95 baht on the next day. Possessing gold, gold articles or gold ingots, is one of many choices in maintaining wealth level, which is able to reach people of every income level. The choice also holds low risk of value loss. However, not every country allows liberal gold import and export as gold can effect currency value fluctuation. Therefore, CLMV countries such as Vietnam and Myanmar have to restrict import of gold to be done exclusively by governmental agencies.
E-Commerce: Expanding Opportunities for Thailand and ASEAN
The year 2016 has seen so many big news in e-commerce industry, including the Bank of Thailand's launch of PromptPay system to boost E-Payment; Alibaba's acquisition of Lazada, which was once dubbed the 'Amazon of Asia'; the introduction of Rabbit LINE Pay to combine online and offline payment platforms; Central Online's acquisition of Zalora in Thailand and Vietnam; and Ensogo's end of operation in Southeast Asia. These movements reflect competitions in the e-commerce industry to support increasing purchase power in the future, as well as adaptations for business survival in the age of digital economy.
Thailand-Myanmar Colored Stone Trading
The full launch of ASEAN Economic Community on December 31st, 2015 is an important step in creating opportunities for Thailand-Myanmar trading of colored stones. Myanmar still maintains a rich variety of colored stone resources, and its government is focusing on democratic reform and gradual transformation to capitalist economy. Meanwhile, Thailand aims to become the world's gem and jewelry trading hub by 2020, and the incoming flow of colored stones is one of the most important driving factors in this respect. Therefore, it is expected that close collaboration between gem and jewelry sectors of both countries will develop in the near future.
A Decade of Journey of Vietnam Jewelry Manufacturing Industry
Vietnam's jewelry manufacturing industry has been operated by local manufacturers to primarily fulfill domestic demand. However, during the past decade many local manufacturers started to invest in large-scale factories. Additionally, they carried out domestic and international marketing as well as ventured more in export markets. Though, Vietnam's export of jewelry products was not great in value, accelerated development of manufacturing process and product quality to conform to international standards has been propelling the country's jewelry industry forward. Before long, jewelry from Vietnam will snatch more share in the global market.
