Thailand eyes to become world Gems & Jewelry hub

BANGKOK, May 30 (TNA) - The Gems, Jewelry and Precious Metal Confederation of Thailand (GJPCT) has targeted to turn the Kingdom to become a world gems & jewelry hub over the next five years. GJPCT President Somchai Phornchindarak told journalists of the target on Monday, saying that the target, if achieved, would enable Thai producers of gems and jewelry to become original equipment manufacturers for 25 per cent of famous brands and original brand manufacturers within 2020. Somchai also predicted that exports of Thai gems and jewelry should grow by 5 per cent this year, acknowledging that the anticipated growth is likely because the global economy has started to recover and the Thai government's measures to support the local gems and jewelry industry would enhance its competitiveness. The GJPCT chief assessed as well that the value of Thai gems and jewelry exports should increase by 20 per cent, or more than 1.5 billion US dollars, over the next three years and the country should become among the top ten gems and jewelry exporters within 2020, from the 13th position currently. The GJPCT chief attributed the progress to five-year promotional plans for the Thai gems and jewelry industry, which include value-added tax exemption for uncut and cut gems imported for the domestic jewelry production, tariff exemption for machines, equipment and silver chains, attempts to reach new sources of raw materials, skill development, product improvement and campaigns to reach such new markets as China, India, the Middle East, Russia and the ASEAN Economic Community (AEC). (TNA)