Thailand eyes to become world's top ten gems exporters by 2020

BANGKOK, February 16 (TNA) - The Ministry of Commerce has set a target to promote Thailand to be among the world's top ten exporters of gems and jewelry by 2020. Jinthira Yimrewatwiwatrat, Deputy Director-General of the ministry's Department of International Trade Promotion, announced the target at a press conference on the 57th Bangkok Gems & Jewelry Fair, held in the Thai capital on February 16. Jinthira projected that the value of Thai gems and jewelry exports should grow by 5 per cent year-on-year this year, to 7.5 billion US dollars or about 300 billion baht. Jinthira acknowledged that Thailand is the world's 13th biggest exporter of gems and jewelry currently and she foresaw the Thai Kingdom to be among the world's top ten gems and jewelry exporting countries within 2020. At present, Jinthira noted, Thailand is among the world's top five exhibitors of gems and jewelry and the country should become a global center of gem and jewelry auctions by 2018. According to the senior official, the Thai government has attached importance to the gems and jewelry industry, where about one million people are employed. Meanwhile, Suthipong Damrongsakul, President of the Thai Gem & Jewelry Traders Association, estimated the value of Thai gem and jewelry exports this year at about 350 billion baht, up 3-5 per cent from 224.1 billion baht last year, attributing the positive outlook to the recovering US economy. Suthipong pointed out that the value of Thai ruby exports alone increased by 10-20 per cent last year, while those of diamond declined, leading to the theme of "Thailand World's Ruby Capital" at the 57th Bangkok Gems & Jewelry Fair, set to be held in Muang Thong Thani on the outskirts of Bangkok during February 24-28, 2016. Suthipong revealed that Thailand's gems and jewelry traders are targeting China, the Commonwealth of Independent States (CIS) and the Middle East as their promising exporting markets. Somchai Phornchindarak, President of the Gems, Jewelry and Precious Metal Confederation of Thailand, assessed, in the meantime, that the value of trade at the upcoming Bangkok Gems & Jewelry Fair should account for 10 per cent of this year's value of gems and jewelry exports, and that the five-day fair should attract a large number of visitors, especially buyers from Russia and Iran. Somchai predicted that Thailand should become a world hub of gems and jewelry trade faster because the Thai government has waived the value-added tax (VAT) for imports and sales of unpolished gems. (TNA)