Thailand eyes to become regional gateway for gems and jewelry trade

NONTHABURI, THAILAND, September 9 (TNA) - The Ministry of Commerce eyes to promote Thailand as a major gateway for gems and jewelry trade in Southeast Asia. Speaking on Tuesday at the inauguration of the 54th Bangkok Gems & Jewelry Fair, held at the IMPACT Trade and Exhibition Center in Muang Thong Thani on the outskirts of Bangkok from September 9-13, 2014, Permanent Secretary for Commerce Chutima Bunyapraphasara said that she believed this year's Gems & Jewelry Fair should partly contribute to Thailand's development to become an important gateway for gems and jewelry trade in the region. Chutima acknowledged that Thailand's exports of gems stood at over 105 billion baht in the first half of this year, a 15.37 per cent year-on-year growth, and her ministry hopes this year's Gems & Jewelry Fair, jointly organised by her ministry and the Thai Gem and Jewelry Traders Association, will help restore foreigners' confidence in the Thai gems and jewelry industry in the wake of domestic political problems from late 2013-mid 2014. Chutima also predicted that Thailand's gem exports this year will expand by at least 5 per cent year-on-year on average, as her ministry is seeking ways to further boost exports of the Thai product, namely finding new markets for it. Somchai Pornchindarak, President of the Thai Gem and Jewelry Traders Association, assessed, meanwhile, that the value of Thailand's gem exports should exceed 400 billion baht this year, or a 6-7 per cent year-on-year growth. According to the president, more than 300,000 international visitors are expected to visit the 54th Bangkok Gems & Jewelry Fair with purchases likely to reach 40 billion baht totally. (TNA)