On June 14, 2024, Thai Gem and Jewelry Traders Association (TGJTA) hosted Gemports Working Group Meeting at the Avani+ Riverside Hotel. The event, a significant milestone for the gemstone industry, was led by TGJTA President Ms. Porntiva Niparin and featured key figures such as Mr. Somchai Phornchindarak, President of the Gems Jewelry and Precious Metal Association Confederation of Thailand (GJPCT), Mr. YE Zhibin, President of the Gems & Jewelry Trade Association of China (GAC), Mr. WANG Baomin, Chairman of the Delegation of the National Gems and Jewelry Testing Center (NGTC)-China, Mr. Chomphol Phornchindarak, 1st Vice President of TGJTA, and representatives from 28 key organizations in the industry.
The meeting focused on reviewing the progress of the Gemports project, setting future development directions, enhancing operational efficiency, and building user trust. Key discussions centered on expanding the platform to make it more accessible and user-friendly for consumers. The event underscored the importance of industry collaboration in strategizing and exchanging ideas for the future of the colored gemstone market.
Mr. Somchai Phornchindarak expressed confidence in the diverse expertise present, anticipating productive discussions and innovative solutions. He emphasized the significance of industry collaboration in strategizing and exchanging ideas. Mr. YE Zhibin shared insights from GAC's research, noting that colored gemstones are increasingly popular among individuals aged 30 to 40, with a growing trend among those over 40 due to the declining popularity of natural diamonds. He reported that the colored gemstone market in China grew by 11%, with the total value of the Chinese gem and jewelry market reaching 820 billion yuan in 2023 and the first quarter of 2024. Colored gemstones accounted for 310 billion yuan, representing 3.8% of the total market. He predicted significant growth potential, expecting a 20% to 50% increase in the future.
Mr. WANG Baomin emphasized NGTC's full support for developing standards, training programs, and promotions in China, highlighting the importance of collaboration for the industry's development. Mr. SHI Hongyue, Full-time Vice President of GAC, and Mr. Chomphol Phornchindarak reported on recent activities, emphasizing the importance of pricing standards and collaboration. They received positive feedback from the China-Thailand Reference Price launch in Shanghai.
Suggestions and future plans for the advancement of Gemports focused on potential cooperation between China and Thailand, emphasizing data collection and international expansion. The data collection will evolve into a Special Colored Gemstone Exhibition to educate end customers and promote high-quality gemstones. Ms. Bronia Yip, Chairwoman of the Hong Kong Jewelry Manufacturers' Association (HKJMA), emphasized the necessity of increased transparency in the colored gems market to build customer confidence and trust, contributing to sustainable industry development. She expressed readiness to support future efforts and initiatives.
Ms. Karen Li, Vice-Chairman of the Hong Kong Jewelry & Jade Manufacturers Association (HKJMA), highlighted the significance and challenges of the gem price guide for the industry, emphasizing the collaborative efforts of those in the trade. Representing the Hong Kong Jewelry and Jade Manufacturers Association, she expressed best wishes and hopes for success for all attendees.
The preparation of pricing standards can be extended to the application of Gemports in online businesses. Mr. Chen Jiahao, Chairman of Shanghai Wanbao Shanglian E-commerce Co.,Ltd., introduced the Gemports gemstone price calculator and discussed the online platform's efforts to facilitate gemstone sales. Additionally, Mr. Chang Hatta, a jewelry expert from Hatta Fine Jewelry, shared plans to create a university campus and a museum. This initiative aims to benefit millions of students, who will play a crucial role in developing new talent for the gem and jewelry industry. This project aims to drive the industry's growth, and standardized colored gemstone pricing will also build confidence in the industry.
The discussions focused on the progress and future directions of the Gemports project, aiming to enhance operational efficiency, build user trust, and expand the platform for easier consumer access. The working committee and partners from leading organizations are committed to the practical implementation and widespread acceptance of Gemports. This platform offers convenience for sellers to showcase unique colored gemstone products, enhancing market efficiency and driving sustainable growth in the colored gemstone market. As a result, these gems can develop into valuable investment assets in the future.
For more information about Gemports, visit https://www.gemports.com
About Gemports:
Gemports is a comprehensive Colored Gemstone Reference Price Guide, developed since 2019 to promote transparency, instill confidence, and educate gemstone buyers. Through meticulous international data collection and analysis, Gemports has become a trusted standard reference for gemstone enthusiasts and professionals alike.
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