Thai exports of gems & jewelry likely to grow at least 5% this year

BANGKOK, February 27 (TNA) - Thailand's exports of gems and jewelry are expected to grow by at least 5 per cent this year, despite an unsettled global economic crisis. Somchai Phornchindarak, President of the Thai Gem & Jewelry Traders Association, said at the 51st Bangkok Gems & Jewelry Fair, which kicked off on Tuesday, that last year Thailand was the world's 11th largest exporter of gold ornaments, largest exporter of silver ornaments and 3rd largest exporter of polished corundum; so, the value of Thai gems and jewelry exports should grow by at least 5 per cent this year. Somchai noted that the fair is an important event for gems and jewelry traders of all scales to demonstrate their potential to the international community and the event also presents the latest international jewelry designs, including those of Italy, projecting that the five-day fair should draw over 30,000 buyers from 125 countries across the world. Meanwhile, Thai Deputy Commerce Minister Nattawut Saikuar proclaimed when inaugurating the 51st Bangkok Gems & Jewelry Fair, held at the IMPACT Trade and Exhibition Center in Muang Thong Thani of Bangkok's suburban Nonthaburi Province from February 26-March 2, 2013, that the Thai gems and jewelry industry has been internationally recognized. According to the deputy commerce minister, the value of Thai gems and jewelry exports grew by 7 per cent, or totaled over 400 billion baht, last year although such major importers as Europe and the United States have faced an economic crisis, prompting the government to have waived the value-added tax (VAT) for the Thai products, with the "zero VAT" also applied for gems and jewelry trade settled in this week's fair. (TNA)