Bangkok hosted the 53d Annual Gems & Jewelry Fair 2014 held on February 25 to March 1 at the Impact Exhibition Center, whose work was covered by the correspondent of Rough&Polished. This February show is considered the first major jewelry exhibition kicking off the yearly activities in the international industry calendar. It is a world-class event attended by more than 1,500 suppliers of precious stones and jewelry.
This year's edition of the Bangkok Gems & Jewelry Fair took place against the backdrop of political unrest and tension in the country. However, this did not prevent the many local and international manufacturers and wholesalers fr om taking part in the exhibition and buyers from placing their orders.
"Many of our customers canceled their visits to the exhibition because of the state of emergency in Bangkok," J. Siam Group’s manager told Rough&Polished. She also noted that customers from Ukraine almost stopped placing orders for jewelry in 2013, which is the result of another political crisis.
According to the BGJF organizers, the exhibition helped to pinpoint “real buyers,” who came to make orders, not just "window-shopping."
The exhibitors were certainly attracted by considerable incentives offered by the government of the Thai Kingdom to promote trade in precious stones and jewelry in the country. The authorities decided to suspend the 20-percent import duty on gems and jewelry for more than a month - 15 days before and 15 days after the show. This was done specially for the participants of the event.
Thus, foreign exhibitors had a chance to enjoy duty-free imports for their gems and jewelry, while local companies were able to reduce prices for imported materials and buyers benefited from all this, saving up to 20 percent on orders.
“The government has been with us every step of the way, helping to promote exports as well as developing overseas markets via trade fairs, road shows and exceptional exhibitions. All these changes predict a gleaming future for all,” said Somchai Phornchindarak, President of the Thai Gem and Jewelry Traders Association.
The exhibition is an important source of export income for the country. According to official information, the Bangkok show generated an export revenue exceeding 400 million baht (more than $ 12 million).
Another important initiative was the pavilion opened at the show with a zero VAT, wh ere buyers were exempt from the 7-percent value added tax.
According to the organizers, the pavilion of Hong Kong and Singapore decreased this year, but the number of participants from other Asian countries increased, so the aggregate number of exhibitors went up.
Silver jewelry was a huge success for the Thai jewelry industry. At the press conference held by the exhibition organizers, it was announced that Thailand is now officially recognized as the world’s silver jewelry exporter number one. The silver and gold pavilions occupied the largest part of the exhibition hall and were located next door to each other.
Thai jewelers demonstrated a very high level of artisanship. Going from gold to silver jewelry, it was not always easy to distinguish silver goods graced with cubic zirconium from gold goods with diamonds worth hundredsfold higher. The subtlety of details, the designs of silver pieces equal to those of gold and diamond jewelry, the micro pave hand-inlaid in silver were really striking.
Thailand attaches great importance to the promotion of the country’s own jewelry brand, Ploi Thai, which is a sign of quality and art of Thai jewelry designers. “Ploi Thai will be our proud country brand for gems and jewelry produced in Thailand with high standards. I am confident that the products will be popular across the region through their quality, and impressive designs,” said Somchai Pornchindarak, the mastermind of the campaign.
With regard to the main line of jewelry designs at the exhibition, they mainly consisted of hits popular over the last year - the serpent motif, the symbol of infinity, crosses, pendant charms, the clover and other favorites of retailers sparkled in the assortments of many participants. Rose gold, tanzanite, which was given a whole pavilion, and stackable rings were also in demand from buyers.
There were markedly fewer visitors in the pavilions of finished jewelry - no matter whether it was silver, gold or platinum - compared to the pavilion of equipment and materials, which enjoyed brisk foot traffic.
According to the organizers, finished jewelry sales at this exhibition went down, but trade in equipment and materials increased significantly. This indicates the growing importance of Thailand as an international center for the production of export-quality jewelry. The cost of labor in Thailand is low and is comparable with China, while the skills of Thai artisans and the quality of producing fine details are at the highest level. Another important advantage is that the Thais do business according to standards, which are more understandable for the U.S. and Europe, the main consuming markets. In other words, they are reliable, more straightforward and likely to give you the best possible price for your order at once.
Some jewelry companies in the United States even send orders from individual clients to Thailand, because it is cheaper to make them there than in the U.S. within a specified period of time and at a high quality level.
It was not by chance that the organizers of the Bangkok Gems & Jewelry Fair speaking at the press conference mentioned the possibility of future ruby auctions in the Thai Kingdom.
In general, the Bangkok Fair was a successful event, which proved Thailand’s dedication and earnest approach towards developing a world-level jewelry industry in the country.
Olga Patseva, Rough&Polished, Bangkok
