Gem & Jewelry Articles
Thailand Aims to Become the World’s Gem and Jewelry Trading Hub within 5 Years
Gem and jewelry industry is a potential industry highly significant to Thailand's economic development. It generates almost 30 billion US dollars of circulating money in the nation's economic system. The industry creates 800,000 employments throughout its supply chains. Owing to local wisdom in gemstone quality enhancement, skilled polishing craftsmen, and jewelers with internationally recognized proficiency, Thailand has been securing a position among the world's top ten gem and jewelry exporters. Domestic trading is equally vigorous from purchasing force of Thai consumers and 30 million foreign tourists visiting Thailand per annum. A considerable number of foreign businessmen also travel into Thailand to buy gem and jewelry products. It is anticipated that domestic trading value is almost on par with Thailand's gross gem and jewelry export value. Having noted such influences, Thai government sets a goal to make Thailand the world's gem and jewelry trading hub within the next 5 years.
Myanmar Gem Production and Trading After US Lifting of Jade Act 2008
Many see that the removal of Jade Act 2008 will enliven gemstone trading in Myanmar and the global market. However, during the past year, Myanmar government has indefinitely forbidden foreigners from entering Mogok. Since most of gemstone buyers in Mogok have always been made up of traders from various countries, this measure has weakened Myanmar gemstone markets. Additionally, Myanmar traders have been facing restrictions of carrying raw materials off mines and exporting. Permission from the government is required before exporting gemstones. Moreover, Myanmar's export duties for polished gemstones are relatively high. The traders also have no skills in international marketing. These factors caused ruby supply decrease in the global market. Furthermore, demand for Myanmar rubies has not been high due to the global economic fluctuation.
Malaysia Gold Jewelry Manufacturing Potential
Malaysia has been placing importance on gold jewelry production for exportation. Most of the products, including necklaces, bracelets, and brooches, were 22k gold jewelry. Plain gold jewelry is dominantly manufactured. At present, Malaysia has an advantage of dominating market share in Middle East countries more than other exporters in ASEAN.
E–Commerce Potential in CLMV and ASEAN
In 2017, e-commerce business generated globally circulating capital around US 2.3 trillion dollars, a 24.8% growth from the previous year. A study in e–commerce business in Thailand's ASEAN neighboring countries indicates that though CLMV market has not quite flourished, as their gross domestic product (GDP) per capita will constantly increase almost 10% per year within 2020, consequently, purchasing power of CLMV countries, particularly Vietnam, will expand. Moreover, there is a remarkable change since Malaysia has been collaborating with China's governmental sector and private sector like Alibaba to develop digital trade.
Jewelry with Identity…Thailand’s Precious Heritage
Thailand is one of the world's key jewelry manufacturing bases. With its advantages in craftsmanship and diverse jewelry making knowledge, Thai jewelry products have been highly recognized in the global market for their attractive design and internationally standardized quality. The country's capacity in jewelry production does not only lie on export-oriented industrial factories but it also resides in local craftsmen's production of identity jewelry products, which are precious and reflect Thailand's wisdoms, cultures and identities.
Golden Opportunity...Gold and Gold Jewelry in Cambodia
Cambodia is a South East Asian country with rich natural resources and consistent economic growth rates. During the past 5 years, the country's average economic growth was at approximate 7 percent per year. Its government's policy on economic development and foreign investment promotion has boosted number of middle-class Cambodians. Cambodian consumers' spending behavior has changed as well. They have shifted toward quality products and increasingly preferred brand-name products. However, Cambodian consumers' fondness for gold and gold jewelry consumption remains the same. Gold is an asset preventing risks from different crises especially during political instability, gold and gold jewelry is the most secure asset. Thus, Cambodian consumers demand for gold and gold jewelry always increase.
