With exports up, Bangkok show ends strong
March 17, 2008
Bangkok,
Thailand—The 41st Bangkok Gems and Jewelry Fair closed on a successful note this year, capping off a strong year that saw 2007 jewelry and gemstone exports rise substantially, show organizers said.
Various government officials, industry leaders and guests saluted the industry during an opening ceremony Feb. 27 at Royal Jubilee Hall at the Impact Challenger in Bangkok, Thailand.
"The contribution of the gems and jewelry to the Thai economy is significant," Thailand Deputy Minister of Commerce Viroon Tejapaibol told the audience, according to a press release from the show. "Gems and jewelry exports last year exceeded U.S. $5.3 billion, up 46.72 percent from the previous year, ranking fifth on Thailand's export lists."
Thai Gem and Jewelry Traders Association (TGJTA) President Vichai Assarasakorn also noted that the TGJTA board's immediate mission is to carry out a three-pronged priority plan to stimulate the industry further, specifically addressing issues involving tax and industry funding, and finding new overseas markets.
"We are seeking an endorsement from the government to remove the 7 percent VAT [value-added tax] imposed on imported raw materials, which has proved to be a heavy financial burden for Thai local small and medium enterprises [SMEs]," he said.
TGJTA is lobbying for government support to establish a "Gems Bank" to support lending to local SMEs, which make up 90 percent of the Thai jewel industry, he said.
The Bangkok Gems and Jewelry Fair will hold its 42nd edition this fall, Sept. 11-15, at the Impact Challenger.
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