(BANGKOK) – Thailand can boost gemstones and jewelry trade with Hong Kong due to its craftsmanship and manufacturing skills, ready supply of precious materials and tax benefits, combined with increased use of digital tools and social media marketing.
A Jewellery Outlook webinar, sponsored by Thailand’s Department of International Trade Promotion (DITP), heard senior representatives of the Thai and Hong Kong jewelry and gems sectors outlining future opportunities and challenges in order to beat the crisis created by the pandemic.
Hong Kong is a leading market for exports of Thai-manufactured gemstones and jewelry and an important gateway to mainland China.
Thailand will increasingly embrace digital opportunities and social media marketing, including Instagram, to increase trade with Hong Kong, as well as other markets amidst the immediate challenges created by coronavirus, panelists said.
The Bangkok Gems & Jewelry Fair (BGJF), organized by DITP, is rescheduled to February 23-27, 2021 because of the pandemic. At the fair, the business opportunities will be explored by highlighting Thai craftsmanship skills and state-of-the-art manufacturing capabilities.
The DITP is also organizing a special digital event taking place from November 2-4, 2020.
Mrs. Chanunpat Pisanapipong, Executive Director of the Thai Trade Centre, Hong Kong, said Thailand offered a unique blend of skill sets, combined with tax benefits and a global reputation for hospitality, to create a perfect setting for gemstones and jewelry businesses wishing to establish themselves in the country, which lies in the heart of ASEAN.
“Thailand can attract factories from Hong Kong and mainland China because of its prowess in gemstones and jewelry manufacturing, the availability of precious metals and gemstones, its indigenous jewelry design talent, and tax advantages,” said Mr Phuket Khunaprapakom, Managing Director of Gemburi Co. Ltd.
The Jewelry Trade Center (JTC), a major conduit for exports located in downtown Bangkok, is working on digitizing its outlets’ gemstones offerings, using all available digital, said Mr. Henry Ho, a leading Thai gemstones entrepreneur. Ho is President of the Bangkok Diamonds and Precious Stones Exchange (BDPSE).
“Thai silver jewelry exports will likely benefit from the surge in the gold price to an all-time high this month, with silver relatively more affordable to jewelry consumers,” said Mr. Kevin Ng, a Hong Kong manufacturer and a member of the Hong Kong Trade Development Council Jewellery Advisory Committee.
Mr. Ng also said that he believed some Hong Kong manufacturers could decide to relocate to Thailand to take advantage of the gemstone and jewelry industry’s state-of-the-art operations, supreme craftsmanship skills and favorable trading environment.
“The increased opportunities for Thai silver jewelry will encourage innovative and creative combinations of the precious metal with gemstones and unusual materials in designs,” said Mr. Kenny Au, Deputy Chairman of the International Jewellery Designer Association (IJDA), based in Hong Kong.
BGJF, one of the most acclaimed trade shows in the world, features 360° precious jewelry business opportunities. The 66th Bangkok Gems & Jewelry Fair is rescheduled to 23-27 February 2021 while its special online exhibition will be launched on 2-4 November 2020.