- 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
Solid consumer demand alongside stronger growth in discretionary spending further bolstered jewellery sales in the US in September, latest data from Mastercard SpendingPulse revealed.
Israel reported substantial growth in diamond trade in the first three quarters of the year on the back of continued recovery in global markets. Rough diamond imports amounted to US$1.47 billion in the first three quarters of 2021, up 137 per cent from last year. Rough diamond exports meanwhile reached US$1.34 billion, an increase of 160 per cent year on year.
GemFair, a De Beers Group initiative aimed at formalising the artisanal and small-scale diamond mining (ASM) sector, has sold its first parcels of ethically sourced, traceable ASM diamonds via De Beers Group Auctions.
Now, De Beers believes it may have cracked the code. Its GemFair program, which was introduced in 2018 in Sierra Leone, mostly follows the fair trade playbook, making mines commit to a long list of labor, environmental, and human rights standards.
Hong Kong-based jewellery retailer Chow Tai Fook Jewellery Group Ltd is eyeing to expand its retail network in China by fiscal year 2025 while strengthening its digital strategy. The rapid development of new retail in China and the rising demand for customised products have opened up great business potentials. “We are well poised for accelerated retail expansion and omni-channel integration with our Dual-Force Strategy.”
As platinum cements its position as the metal of meaning among Chinese consumers, Platinum Guild International encourages retailers to develop branded jewellery collections to improve margins and generate new sources of business. According to a recent McKinsey & Co study, the market for branded jewellery is poised to grow at a compound annual growth rate of 8 to 12 per cent from 2019 to 2025, with branded products commanding prices six times higher than unbranded counterparts.
Most people don’t care about price, but many are willing to spend more on responsible sourcing. “Quality” (31%), “Design” (23%) and “Uniqueness” (17%) are still the most important factors for a consumer looking for jewelry. “Price” came in with just 16% viewing it as the most important factor.
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.
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