The jewelry business in Thailand has been popular for a long time on a global scale. But this time, it has gone a few steps further. With the strategic developments of digital platforms across Thailand, consumers are responding to online sales. Therefore, either Jewelry Business or Online Business in Thailand, both ways you can enter the Thai market.
Recent Update on Jewelry Business in Thailand
The rising popularity of Thai jewelry has been driven by the increased demand for colored gemstones and silver jewelry, as well as online purchasing. To meet this demand, the upcoming Bangkok Gems & Jewelry (BGJF) Virtual Trade Fair was held on June 22-24, 2021. The fair provided the highest quality products and dependable services at a competitive price. Additionally, it was open to both domestic and international buyers, exhibitors, investors, and traders.
The Department of International Trade Promotion (DITP) held the “BGJF Virtual Trade Fair (The 66th Special Edition)” between June 22-24, 2021. It was in response to the growing demand for online trading and to further strengthen the Thai gems and jewelry industry in the wake of the COVID-19 outbreaks. The virtual trade expo featured superbly crafted jewelry and product innovation. Additionally, it showcased the development of new techniques in the design and manufacture of jewelry. During the New Normal, the event will ensure the trade show’s continuation and give trading opportunities for the gems and jewelry business.
Bangkok Gems & Jewelry Fair (BGJF) is globally recognized as a key gems and jewelry trading platform and offers lucrative businesses as well as investment opportunities. The virtual trade show will provide prospects for business matching with local enterprises that have long-standing economic ties with China.
Global Popularity of Thai Jewelry and Accessories
Thai jewelry and accessories are popular worldwide due to their superior craftsmanship, detailing, and product quality. Additionally, manufacturer and supplier services are excellent. Amazing designs and patterns, as well as distinct styles, are trademarks of Thai jewelry. Specifically, if it is about the colored gemstones and silver industries, it will surely rise steadily in the next years. Traditional, contemporary, modern, and revolutionary jewelry items and accessories are available, all of which are consistent with changing trends, lifestyles, and personal tastes.
Jewelry designers and artisans famous for their unique and original work have global recognition. Moreover, they specialize in designing custom-made jewelry products at a competitive price. They do so by sourcing and using only the best materials to assure the highest level of customer satisfaction and to foster long-term business relationships.
In addition to the designs’ uniqueness and variety, the costs are reasonable and a good value, despite rising demand from both domestic and foreign markets. Manufacturers and suppliers of jewelry, as well as highly trained designers and craftsmen and exporters, provide superior services from upstream to downstream, including design, material selection, production, packaging, and delivery to retailers and wholesalers throughout the world. The expo will also feature jewelry parts, diamonds, pearls, fine jewelry, costume and fashion jewelry, other precious metals, synthetic and natural stones, packaging, machinery, equipment, and tools, in addition to colorful gemstones and silver items.
On and Post-Covid Scenario of Jewelry Business in Thailand
The Covid-19 pandemic has wreaked havoc on Thailand’s gems and jewelry industry, as it has on so many others. This industry has long been a significant contributor to the Thai economy, ranking third in overall export value behind autos and electronics, with annual shipments totaling more than US$15 billion.
The industry employed 1.2 million workers last year. Last year, Thailand ranks among the top 15 jewelry exporters in the world, owing to local expertise and beautiful craftsmanship that can’t be replicated by modern technology. However, the epidemic has had a significant impact on export demand in numerous key markets, including major trading partners the United States and the United Kingdom. Thailand’s gem and jewelry export value was $3.5 billion in May this year, down 62.95 percent from a year earlier.
International travel restrictions have also stifled trade by restricting the flow of clients like trade buyers and tourists. As a result, several gem producers and merchants have permanently shuttered their doors. Younger shoppers are increasingly searching for responsible mining, conflict-free supply chains, and environmental concern while shopping and the business must take this into account. This entails proving that their business practices are ethical, traceable, and ecologically sustainable.
Current Scenario of Jewelry and Gems Industry in Thailand
The industry is making an effort to adjust to the changing scenario. The Department of International Trade Promotion, for example, will organize a Special Edition of the Bangkok Gems & Jewelry Fair in September on a new online platform incorporating a virtual trade fair and online business matching where buyers and exporters from all over the world may connect.
Furthermore, the Gem and Jewelry Institute of Thailand aims to hold the International Chanthaburi Gems and Jewelry Festival. It is held in Chanthaburi province at the end of this year. Moreover, it promotes the industry while reaffirming the eastern region’s status as a global gem manufacturing and trading center. During the event, Thai entrepreneurs will be matched with exporters from online shopping and e-commerce platforms.
It’s also crucial to form alliances. Thailand and Kofu, Japan, recently inked a minor free trade agreement to build a gem and jewelry industry collaboration. The major aim is to boost business development in sales and marketing, technology transfer, business networking, and trade fairs. Kofu, in Yamanashi Prefecture, is one of the world’s major jewelry manufacturing centers. It deals in colored gemstones, rubies, blue sapphires, and jade among the raw materials imported from Thailand.
Thailand’s gem and jewelry exports to Japan totaled 2.4 billion baht in the first five months of this year. This is up 10.4 percent Y-o-Y growth. This arrangement will assist raise the value of Thailand’s gem and jewelry exports to Japan.
The Bottomline
Thailand has become gems and jewelry hotspot due to highly talented artisans, high-quality products, and a robust industrial base. The need for exquisite jewelry and gemstones has existed for millennia. Additionally, this will aid the industry in overcoming its current challenges. It will help it to continue to be important for the economy, employing miners, artisans, designers, and merchants.
If you are willing to invest in the gems and jewelry business in Thailand, this is the correct time to dig into the space. You will be able to claim your share in one of the fastest-growing economies in the world. Alongside, you also get the opportunity to enter the ASEAN market. For any type of assistance and services related to your business set up in Thailand, email us at [email protected]. We will also assist you in licensing and taxation errands.
