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GIT Information Center
Ethics and Sustainability: New Gem and Jewelry Standards

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.

GIT Information Center
Thailand’s Gem and Jewelry Import-Export Performance 2020

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.

As the world is inclined to face different crises regarding society, environment and morality, which will inflict economy and people’s living in general, there has been demand for more transparency and social and environmental responsibility in business operation. Business corporates in different industries including gem and jewelry have to readjust to meet the demand of consumers by operating with ethics and being responsible to society and environment. The alteration will build brands and companies’ good images in consumers’ mind. This will eventually lead to a well-balanced progress for economy, society and environment, which can be called a sustainable development.

There is no question that the COVID-19 pandemic has brought about the new normal in way of living, for instance, working from home has become a usual thing and more activities have been carried out through digital domains. Since consumers’ behaviors have changed, adjustments are necessary for business sectors. Many businesses have shifted to online trading or e-commerce. Gem and jewelry businesses have also held virtual events instead of physical events and/or sold products through live streaming. It has been expected that such changes will remain despite the end of the pandemic.

Since the beginning of 2020, the world has faced many circumstances jarring its dynamic in different matters, including natural disasters, environmental issues, the trade war and political tensions. Also, the one that has turned the whole world upside down is the COVID-19 pandemic, which started in December 2019 and has spread to every continent.

Today consumers are bombarded by an endless variety of trends like countless waves consistently breaking upon the shore. Many industries, including gem and jewelry, are obliged to adapt and transform not only adapting to emerging “sciences” but also applying “the arts” to their products.

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