PM expects Thailand to become world’s gem, jewelry trade centre in 5 years

BANGKOK, Nov 6 (TNA) -- Prime Minister Prayut Chan-o-cha announced that Thailand would become the world’s gem and jewelry trade center in five years due to the quality of its products and full support from the government. Gen Prayut made the announcement while presiding over the ceremony to open the CIBJO Congress 2017 of the World Jewellery Confederation that drew 300 participants from 42 countries. Thailand had worked hard to develop its gem and jewelry products and had an edge for the diversity of its products, the prime minister said. He admitted that Thailand had some limitations in the industry because it had to import raw materials for the production. Therefore, the government exempted import duty for the raw materials and also implemented measures to improve product standard and support marketing. Commerce Minister Apiradi Tantraporn said Thailand would show off its potential in the gem and jewelry industry in the conference. According to her, Thailand exports 80% of its gem and jewelry products and sells the rest 20% locally. Last year it was the 10th biggest gem and jewelry producer and exporter of the world. About 700,000 people work in the industry. Last year the value of Thai gem and jewelry exports including gold amounted to US$14,246.83 million or 501,107.38 million baht, accounting for 3.49% of the gross domestic product. In the first nine month of this year the export value stood at US$10,662.58 million or 364,020.73 million baht. It was the third most important export of the country. (TNA)