This article first appeared in the Thailand Special 2024.

Backed by decades of jewellery manufacturing expertise, unparalleled craftsmanship and business acumen, Pranda Group of Thailand remains a force to reckon with in the international gem and jewellery trade. In fact, the company has again proven its mettle amid ongoing macroeconomic and geopolitical challenges.

According to Decha Nuntana, managing director for marketing of Pranda, the company faced major difficulties in 2023, owing to high inflation in the EU alongside the Ukraine-Russia and Israel-Palestine wars.

Such uncertainties caused metal prices, especially those of gold, to skyrocket and hit record highs. And the impact on jewellery consumption was felt the world over.

Thanks to its versatility and a strong business foundation though, Pranda acutely recognised opportunities in other markets and redirected its focus on these areas of growth.

“Our operations in 2023 were impacted by the slowdown in the EU market, but this was offset by gains from our US clients,” revealed Nuntana. “The US market continues to demonstrate robust demand, and this helped balance lacklustre sales from the EU.”

Pranda’s diversified portfolio includes core brands such as Prima, Prima Art, Prima Gold, Merii and Gemondo. Prima Art and Prima Gold are renowned for their top-quality 24-karat gold jewellery.

Strength amid adversity

With prices of gold escalating, buyers are increasingly viewing the precious metal as an investment tool. This, in turn, is lifting sales of fine gold jewellery. In terms of jewellery designs, however, buyers have become more conservative and are instead opting for smaller, lightweight pieces, according to Nuntana.

Gold prices as of April 5, 2024 reached US$2,298.55 per ounce compared with US$2,030.85/oz a year ago, data from the World Gold Council showed.

“Demand for gold jewellery continues to strengthen despite rising prices. Gold is still viewed as a haven amid economic and political instability,” explained Nuntana. “The trend today is leaning more towards a minimalist look, with or without gemstones or diamonds, mainly due to higher gold prices. Contemporary styles remain popular.”

Silver vermeil, or silver jewellery pieces with a thick gold plating, is likewise enjoying steady demand among buyers, continued the company official.

Onwards to success

Besides the US market, business opportunities are also arising in the Middle East and Asia, with India showing the most promise. Pranda found immense success from its Prima Art collections in the Indian market, shared Nuntana.

“We expect to further expand this product segment to the Middle East as well,” he added. “We also continue to serve our worldwide OEM customers with the best craftsmanship and service and are looking to expand our OBM products like Prima Gold and Prima Art to new potential markets.”

The group is likewise bolstering its sustainability agenda, adding that it is on track to achieving a previously set goal of reducing carbon emissions by at least 30 per cent by the year 2030.

In 2023, Pranda began installing solar panels to generate power for its factory and offices. The system is now fully operational, helping save 10 per cent to 20 per cent of the company’s energy consumption.

Pranda also acquired its ISO 14001 certification on environmental management system in September 2023.It likewise introduced internal campaigns to foster and encourage sustainable practices among its workforce, including using recyclable materials, planting trees and driving electric vehicles.