18 | Thailand Special 2024 INSIGHT 睿智角度 Market preferences for coloured gemstones are evolving, with demand on the rise for stones that reflect consumer tendencies towards selfexpression and individuality, according to KGK Group, which is well-placed to cater to these new customer requirements. Among the notable shifts is the growing interest in coloured gemstones embodying positivity and emotional significance. “This trend aligns with broader societal changes, reflecting a desire for meaningful connections in turbulent times,” remarked KGK Group Vice Chairman Sanjay Kothari. He has also observed a discernible movement towards unique cuts and sizes of coloured gemstones, reflecting individualistic preferences and the desire for personalised jewellery pieces. Demand has remained robust for perennially popular gemstones such as sapphires, emeralds and rubies, a development Kothari attributed to discerning consumers seeking exceptional quality and craftsmanship. “In addition, consumers are increasingly valuing ethically sourced and sustainably produced gemstones, emphasising our commitment to responsible sourcing practices and transparency throughout the supply chain,” he continued. And pointing to the substantial uptick in online purchasing habits, Kothari underscored the importance of digital platforms in engaging customers and driving sales. Business agility But while consumer interest in coloured gemstones is on the rise, market conditions in recent years have been challenging. Supply constraints and prices increases since 2022 count among the hurdles that coloured gemstone dealers have had to grapple with. KGK’s gemstone business, though, has showcased resilience amid adversity. Kothari said, while prices of certain gemstones have stabilised, those of other varieties continue to exhibit upward pressure due to factors that include rarity, scarcity and heightened demand. “These price dynamics have necessitated strategic adjustments in pricing policies and inventory management,” he explained. “Despite the challenges posed by price increases, we have focused on maintaining consistent supply while ensuring customer satisfaction through transparent pricing policies and offering a diverse range of gemstone options across price points.” KGK also diversified its market reach to mitigate risks and capitalise on growth opportunities elsewhere, amid the slowdown in demand from China. Its main markets for coloured gemstones span across North America, Europe and the Asia-Pacific region. “Emerging markets in Southeast Asia and the Middle East offer significant growth potential, and we are strategically positioning ourselves to tap into these markets aligns with market trends 迎合市场趋势 KGK GROUP Gem and jewellery conglomerate KGK Group keeps in step with evolving market preferences amid growing consumer interest in coloured gemstones. 消费者对彩色宝石的兴趣日浓，而宝石及珠宝商KGK集团正紧贴市场脉搏。
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