The Thai Gem and Jewelry Traders Association (TGJTA) and the Gems, Jewelry and Precious Metal Confederation of Thailand (GJPCT) kicked off “Thailand Gems & Jewelry Fair 2023” at IMPACT Challenger Hall, Muang Thong Thani with a goal to make it an annual event on the fourth week of February each year.
The TGJTA and GJPCT are also committed to pushing Thailand as a “Gem Capital of the World” to provide Thai gemstone business operators with good opportunities to expose their precious stone products both in domestic and international markets, helping to further drive growth of the Thai economy. The event is expected to efficiently help internationalize “Thai gemstones” as an emerging powerful wave in the global gems and jewelry trade. Visitors will be fascinated by a host of ornamental gemstones, precious stones, colorstones and a wide array of gold and silver ornaments, diamonds and much more on February 22 – 26, 2023 at Challenger Hall, Muang Thong Thani. The event is expected to attract more than 10,000 visitors and generate no less than 30 billion baht in sales transactions as well as helping boost the value of gems and jewelry exports by more than 100 billion baht.
Ms Porntiva Niparin, President of the Thai Gem and Jewelry Traders Association (TGJTA), said “Developing a strong fundamental for sustainable development of the Thai economy is important in the modern era when artificial intelligence is playing a key role in disrupting the world. Thailand needs to have a profession or an industry that can survive or even grow alongside future disruptions. And that particular industry must have the potential to compete with other nations on the global scale. The Thai gems and jewelry industry has significantly continued to record exponential growth over the years as gems and jewelry products are the country’s third largest export merchandise. In addition to its ability to help strengthen the overall economy, the industry also has a timeless charm and affectionate subtlety, featuring a perfect combination between art and science that is difficult to develop an algorithm, making it impossible for the artificial intelligence (AI) to replace a human touch. Therefore, the gems and jewelry industry is very crucial for the future of the Thai economy.”
The Thai Gem and Jewelry Traders Association has a strong commitment to developing and standardizing the industry so that all Thai gems and jewelry businesses and stakeholders in the industry, including traders, entrepreneurs, jewelry makers and gem artisans will be able to compete with other players on the international level. Business activity and professions in the gems and jewelry industry is also a main economic magnet that attracts foreign direct investment in the industry. The TGJTA also sets three main goals to achieve as follows;
1. Enhancing the unique identity of "Thai gemstones" so that Thai gems and jewelry products will gain a substantial popularity on the global scale because Thai gemstones have been widely accepted among global gems and jewelry traders. Thailand is also recognized as one of the world’s best gemstone sourcing destinations and is internationally dubbed as a “Gemstone Capital of the World”. The TGJTA considers that this is a good opportunity to internationalize Thai gems and jewelry products to make them more widely recognizable among general people and foreign tourists as a “Soft Power” of Thailand.
2. Improving regulatory framework and taxation measures to align with the current market condition so that Thai gems and jewelry businesses can stay competitive when it comes to deal with other players on the international level. The TGJTA collaborated with the Gems, Jewelry and Precious Metal Confederation of Thailand (GJPCT) to conduct a study on developing regulatory frameworks and viable taxation measures and related rules and regulations to enhance the potential and competitiveness of Thai gems and jewelry entrepreneurs. It has a commitment that Thailand must stay at an advantage and must be able to attract foreign investors. The TGJTA also has an ambitious goal to make Thailand as the world’s most advocated gemstone sourcing destination among global gems and jewelry traders. The TGJTA expects to have a comprehensive gems and jewelry manufacturing ecosystem from upstream to downstream.
3. Developing skilled manpower and personnel with gems and jewelry craftsmanship to accommodate growing demand for Thai gems and jewelry products and growth of the industry in the future. Skilled workers in the industry are a cornerstone helping to drive the potential of Thai gemstones as continued reskilling and upskilling are essential to empower the industry. It is also an opportune moment to lay a strong fundamental in order to be able to realize stable growth and a promising future of the industry.
“Thailand Gems & Jewelry Fair 2023” is sponsored by companies and organizations in the public and private sectors, including the Gems, Jewelry and Precious Metal Confederation of Thailand (GJPCT), the Ministry of Tourism and Sports and the Tourism Authority of Thailand. The event is expected to become an annual international event on the calendar where people from across the world visit Thailand to find and purchase the best gemstones and colorstones and strike a deal directly with Thai gems and jewelry manufacturers. The central goal is to make people think of “Thai gemstones” when it comes to talking about colorstones. The event also serves as a physical platform where manufacturers can directly make a deal with end customers, Thais and foreign tourists. Thailand stands at an advantage as the country is a popular tourist destination. Thailand can take advantage of this opportunity to make foreign tourists in Thailand realize the timeless value of Thai gems and jewelry products as they can buy the best gems and jewelry at one of the world’s best colorstone sourcing destinations. All visitors are assured to meet a wide range of precious stones, colorstones, ornamental gold and silver products across segments that meet diverse requirements of both Thai and foreign customers. There is a brilliant range of colorstones, diamonds, gold and silver ornaments on display at more than 1,000 gems and jewelry product exhibition booths that are certified by the TGJTA.
Mr Somchai Phornchindarak, President of the Gems, Jewelry and Precious Metal Confederation of Thailand (GJPCT), said “the Gems, Jewelry and Precious Metal Confederation of Thailand is pleased to collaborate with the Thai Gem and Jewelry Traders Association (TGJTA) to organize “Thailand Gems & Jewelry Fair 2023”. The highlight of this year’s event is the introduction of the standardized reference prices of colorstones called “Standard Colorstone Price Guide,” in which was developed by the GJPCT in collaboration with the National Gemstone Testing Center (NGTC), which is an authoritative institution for the testing of jewelry, jade and jewelry in China. And China will be the first country to implement the standard colorstone price guide to promote transparency and fairness as well as boosting consumer confidence in industry. The price guide also helps standardize and stabilize the market. The GJPCT sets its sight to elevate the asset class of colorstones to be on par with diamonds and gold in the long term. The event is also regarded as a key mechanism to help drive development of related infrastructure and ecosystem that the GJPCT has been pushing for several years. They are as follows;
1. Imposition of Zero VAT on colorstones and providing a duty-free privilege to all gems and jewelry products. The GJPCT is successful in pushing the tax incentives and promotional measures, which are important to making Thailand the hub for gems and jewelry trade.
2. Standardization of vocational professions in the gems and jewelry industry by the GJPCT. The objective is to foster knowledge and develop the standard as well as creating value added to skilled workers and all stakeholders in the gems and jewelry industry.
3. Organizing the “AEC + 10 President Summit” to enhance international collaboration.
4. Signing a memorandum of understanding with other countries such as China, India, Japan, South Korea, Hong Kong, Sri Lanka, Turkey, the United States, Italy, Switzerland, Russia, countries in Africa, ASEAN and countries in the Middle East, especially Saudi Arabia. The GJPCT stands ready to sign a deal as the diplomatic ties between Thailand and Saudi Arabia have improved.
5. Exploring new market opportunities, especially in India and China. The GJPCT has been exploring new markets to increase exposure of Thai gems and jewelry products over the past 20 years. India and China are Thailand’s top trading partners.
6. As Thailand is the world’s top colorstone manufacturer, the “Ploy Thai” (Thai Gems) brand is initiated to reinforce Thai gemstones and Thai gems craftsmanship as a “Soft Power” of the country as it is a pride of all Thais. The GJPCT also sets its sight to catapult Thai gemstones under the “Ploy Thai” brand to achieve the same international recognition as other national identities such as Muay Thai.
Regarding the supportive factors mentioned, “Thailand Gems & Jewelry Fair 2023” is expected to achieve a great accomplishment and receive a good response from both people in the industry. It is also forecast to generate a huge revenue of more than hundreds of billions of baht this year. The event serves a major driver of Thai economic growth and a beautiful jewel in the crown that provides a promising future for all Thais.
Exclusively, this year’s event also features a new exhibition zone called “The Lux”, showcasing a host of ornamental gems and jewelry, precious stones, gemstones, diamonds, gold and silver ornaments and a wide array of luxury items from the world’s seven leading gems and jewelry companies. Visitors will be mesmerized by a brilliant range of colorstones, diamonds, gold and silver ornaments on display at more than 1,000 gems and jewelry product exhibition booths. The event also features gemstone machinery and jewelry making tools as well as a variety of captivating gems and jewelry packaging. Moreover, buyers have a chance to meet gems and jewelry manufacturers and makers from Hong Kong, China, Sri Lanka, Turkey, Tanzania, Singapore, Poland, South Korea, Myanmar, and many more. This year’s event is an all-inclusive gems and jewelry trade fair that meets all individual preferences, said Mr Somchai.
“This year’s gems and jewelry fair does not only present a wonderful lineup of Thai gems and jewelry products, but it provides Thais with a golden opportunity to sensually get in touch with the timeless value and priceless charm of Thai gemstones and jewel identity. Meanwhile, both Thai and foreign tourists can realize Thailand’s readiness and preparedness to fully become a global gems and jewelry manufacturing and trading hub. It focuses on using the participatory approach that allows all stakeholders in society to play a role in leveling up the industry and boosting the confidence in Thai gemstones. The Thai Gem and Jewelry Traders Association (TGJTA) highly hopes that the event will pave the way for Thailand to move towards a brighter and stronger future so that Thais will have stable, future-forward professions in light of the digital and technological disruption era, and will eventually lead to sustainable economic growth and prosperity,” added the president of the Thai Gem and Jewelry Traders Association.
Welcome Mr. Msafiri L Mbibo, Deputy Permanent Secretary Ministry Of Minerals, The United Republic of Tanzania and Tanzania delegation to exchange ways of cooperation between Thailand - Tanzania