FOCUS 18 | JNA July/August 2023 Damrongsakul said, “Transitioning from OEM to ODM is a crucial component of modernisation efforts in ASEAN’s jewellery industry. Branding and creating designs with a focus on the Southeast Asian market is the future. This is the direction we are looking at.” He also highlighted China’s increasingly important role in advancing ASEAN’s growth potential. China is ASEAN’s largest trading partner, with bilateral trade reaching US$669 billion in 2021 – a year-on-year rise of 29 per cent, data from the World Economic Forum stated. Speaking at JGAB 2023, Simon Chan, CEO of China Gems & Jade Exchange, said jewellery and gem trade opportunities between ASEAN and China can be further strengthened. China’s GDP exceeded forecasts in the first quarter of 2023, rising by 4.5 per cent while jewellery retail sales rose 14 per cent in Q1. Coloured gemstone trade is likewise a promising sector in China, buoyed by solid demand for rubies, sapphires and emeralds. “Jewellery and gems have also evolved from being fine gifts for loved ones to investment options,” revealed Chan. Damrongsakul revealed that AGJA is also seeking support from China on trade and technology. For his part, Siow said ASEAN members can also benefit from China’s jewellery manufacturing expertise. “China is ahead of most markets in plain gold jewellery manufacturing. In the past, we would look at Italy or Turkiye as industry leaders in plain gold jewellery. Now, China is making a name for itself on this front. They have advanced manufacturing technology. They are also an export leader,” noted Siow. Moving forward, AGJA will continue to advocate for a unified tax system and free flow of goods in Southeast Asia to bolster regional trade. Damrongsakul said the association will represent its members in bilateral trade talks and government dialogues to help push for this unified economic bloc. According to Siow, prospects are bright for the ASEAN jewellery and gemstone trade on the back of sustained demand for top-quality jewellery pieces. This appetite for luxury jewellery only grew stronger during and after the pandemic, owing to the market’s desire to celebrate people and occasions, he added. Le Yen, general director of the Vietnam Gemstone Jewelry & Art Crafts Association International Trade Center, Revival of AGJA Renewed efforts are underway to transform ASEAN into a highly functioning regional hub for jewellery design, manufacturing and exports as well as coloured gemstone production. At the forefront of this undertaking is AGJA, which comprises stakeholders from Southeast Asia’s thriving jewellery and gemstone industry. ASEAN comprises Brunei, Cambodia, Laos, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. AGJA also has members from Japan, China, South Korea, Türkiye, Hong Kong, India, Australia and New Zealand. Established in 2018, AGJA has a clear and purposedriven mandate: To foster seamless jewellery and gemstone trade in the region through a unified tax system, among other proposals; provide a platform for knowledge-sharing and technological development; and further build ASEAN jewellers’ OEM/ODM expertise. The group’s plans were however put on hold in 2019 when the Covid-19 pandemic hit, crippling global economies alongside travel and trade. Now, AGJA is reviving its operations after a three-year hiatus, according to Damrongsakul. Siow revealed that AGJA is set to be relaunched this September at the Bangkok Gems & Jewelry Fair, which is organised by the Department of International Trade Promotion, Ministry of Commerce, Thailand and The Gem and Jewelry Institute of Thailand (Public Organization). AGJA is also looking to China for support. In particular, the group is aiming to take part in Shanghai Gems and Jade Exchange’s annual China International Import Expo, which is held every November. Similarly, AGJA aims to reconnect with the Dubai Multi Commodities Centre, which had earlier expressed interest in hosting AGJA’s annual conference – a significant aspect of the association’s programme – in Dubai, continued Siow. “All these planned activities will be instrumental in our return,” remarked Damrongsakul. “It is crucial for us to be able to organise an event where our members can come together and touch base with other industry stakeholders.” Regional strength One of AGJA’s core objectives is to foster design and brand-building initiatives to elevate the ASEAN jewellery sector to the next level. Plain gold jewellery 素金首饰
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