封面故事 泰国珠宝特刊 2023 | 9 Faced with market-moving changes, Thailand is poised to further strengthen one of its hero industries – gemstone and jewellery manufacturing and exports – through continued design innovation and improved competitiveness. According to several industry players, main hurdles to the business are skyrocketing raw material and labour prices, a manpower shortage and macroeconomic uncertainties like inflation and the war in Ukraine. The Thai jewellery and gem sector however remains resilient. Consistently producing exceptional, high-quality designs that meet the needs of an ever-discerning clientele while offering better incentives to labourers are crucial to overcoming such challenges. The industry is also steadily regaining its footing post-pandemic, which can further support long-term growth. According to The Gem and Jewelry Institute of Thailand (Public Organization) or GIT, exports of gem and jewellery products, without gold, rose 30 per cent to reach US$8 billion in 2022. Including gold ornaments, which GIT said are generally viewed as safe and low-risk products, export figures showed a 50 per cent increase to US$15.05 billion. Opportunities are vast in the bridal jewellery and self-purchase and gifting categories. The return of in-person trade fairs and relaxed travel restrictions will also bode well for business. According to GIT, Thailand’s key export products include gold, gold jewellery, polished diamonds, silver jewellery and polished coloured gemstones. GIT Director Sumed Prasongpongchai explained that while gem and jewellery exports remain a strong component of the country’s total trade, a slightly slower first quarter 2023 can be expected, owing to geopolitical and economic factors. A stronger Thai baht against the US dollar could also deter export growth, added the GIT official. As of mid-March 2023, THB had gained around 1.6 per cent to 34.43 per US dollar. Latest GIT figures showed gem and jewellery exports dipped 4.51 per cent year on year to US$732.92 million in January 2023. Prasongpongchai attributed this to a decline in shipments of silver, platinum and costume jewellery, and polished diamonds. This was however offset by a rise in polished coloured gemstone and gold jewellery exports. “Thailand has always been a gem-trading nation, so coloured gems remain our most important export and import product,” he said. “Nonetheless, we anticipate a minor softening in exports this year due to stagflation and ongoing geopolitical issues.” Thailand’s top 10 export markets are the US, India, Hong Kong, Germany, the United Kingdom, Singapore, Switzerland, Belgium, the United Arab Emirates and Japan. Post-pandemic developments Amid continued market recovery, trade buyers at international jewellery fairs held in Hong Kong in March remained cautious and gravitated towards lower-priced items, explained Vatsal Parmani, director of Thailand’s Jewelcraft Co Ltd. The company was able to sell jewellery pieces falling within the US$1,000 to US$2,000 price range at wholesale as opposed to bigger items that cost US$50,000 to US$60,000. The key is to offer the right product mix, revealed Parmani. “There are two different markets right now – buyers with high purchasing power and those looking for price-point items,” the company official said. “We need to offer a wide range of products that they can choose from depending on their budget.” Sumed Prasongpongchai, director of The Gem and Jewelry Institute of Thailand (Public Organization) GIT泰国珠宝学院院长Sumed Prasongpongchai Jewellery manufacturing in Thailand 泰国的珠宝制造产业 (travelview / Shutterstock.com) Ruby 红宝石
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