Jewelry industry

Thailand, India cooperate to revive gemstone and jewelry industry

(PRESS RELEASE) MUMBAI – The Department of International Trade Promotion (DITP) hosted a webinar to discuss the potential business opportunity between the Indian and Thai jewelry industry after COVID-19, as well as to promote the new version of the Bangkok Gems & Jewelry Fair (BGJF).

Entitled “Managing the Crisis, Mitigating Impact through Survival and Recovery Strategy for the Post-COVID-19 Jewelry Industry”, the webinar attracted key players in the gemstone industry and jewelry from Thailand and India. The purpose of the webinar was to discover ways to promote cooperation between the two Asian countries.

Jittima Nakamano, director of Thai Trade Center in Chennai, said, “The COVID-19 outbreak has impacted the gemstone and jewelry industry around the world, due to lockdown, social distancing and the lack of demand for precious stones and jewelry. From January to April 2020, the value of Thailand’s gemstone and jewelry exports (excluding raw gold) declined 25.31% to $ 1.77 billion, from the same period the previous year. However, Ms Nakamano was confident that in the absence of a COVID-19 case currently in Thailand, the country’s gemstone and jewelry industry would rebound stronger than ever.

“With the support of the Thai government, we are aggressively pushing export activities to India, Japan, the United States and the Middle East,” she said, adding that the DITP has remained in the process. forefront of the country’s efforts to support its gemstones and jewelry. industry, in particular its exports.

Due to the current global climate, the DITP is currently focused on turning the event into a new version. “Due to COVID-19, we need to adapt and use online platforms to promote the Thai gemstone and jewelry industry,” Ms. Nakamano said.

DITP had also launched programs to support many SMEs and MSMEs within the industry.

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“We have marketing programs and several training programs to make Thailand a regional industry hub,” Ms. Nakamano said.

Thailand was set to move forward with the new version of the Bangkok Gems & Jewelry Fair (BGJF) 2020. Embracing the New Normal era, this next BGJF is set to become the new BGJF like never before. BGJF will represent ASEAN’s most comprehensive online jewelry fair. Adopting the theme of Magic Hands of Thailand, BGJF will showcase the skills of Thai master craftsmen in gemstones and jewelry, with special emphasis on colored gemstones, precious and semi-precious stones, as well as silver jewelry.

Regarding bilateral trade relations between India and Thailand, Ms. Nakamano said there was plenty of room for further cooperation between the two countries.

Sanjay Kothari, former chairman of the Gem and Jewelery Export Promotion Council of India (GJEPC) and chairman of the Gem and Jewelery Skill Council of India (GJSCI) said the size of India’s gemstone and jewelry exports had contracted in due to the global situation at $ 18-20 billion. The country’s domestic gemstone and jewelry market was also currently valued at US $ 20 billion. He highlighted the benefits of the India Jewelery Excellence Symposium (IJES) initiative and suggested that Thailand join it.

Mehul Shah, vice president of the Bharat Diamond Bourse, spoke about the stability of the Bharat Diamond Bourse (BDB). He also said that the World Federation of Diamond Stock Exchanges (WFDB) was the largest diamond organization in the world with 30 members worldwide. Due to the lockdown in India, diamond manufacturing had come to a halt in the past two months, making it a good time to invest in diamonds.

Phuket Khunaprapakorn, Managing Director of Gemburi, commended the Thai government for supporting the country’s gemstone and jewelry industry throughout the current situation by providing soft loans, technical facilities and worker support. He added that the Chanthaburi gemstone market was the first to reopen in the post-COVID-19 world. Now the market is back to 80% of pre-coronavirus levels and was eager to ship gems to India.

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Mithun Sancheti, CEO of Caratlane, said consumers are increasingly buying jewelry online and the main focus is now to reach the right consumer.

In conclusion, all speakers agreed that India and Thailand could transform the current world trade scenario by working more closely together.

BGJF is one of the most acclaimed trade shows in the world, showcasing 360 ° precious jewelry business opportunities.

For more information, please visit:

Website: www.bkkgems.com
Facebook: bangkokgemsofficial
Instagram: bkkgemsofficial


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