Import-export tax limits gems trade expansion

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BANGKOK, 30 May 2012  – The Gems and Jewelry Institute of Thailand (GIT) has expressed confidence in the quality of Thai gems while stating that trade expansion is still restricted by import-export duties.

 

GIT President Siripol Yodmuangcharoen said that the country’s gems and jewelry trade situation is currently on a positive trend, with Thailand being one of the world’s top gem and jewelry exporters. Thailand’s gems hold an edge against competitors given their high quality. Meanwhile, good heat treatment techniques render the gemstone more beauty than the works of other nations, especially gems from Chantaburi province. Moreover, Thailand’s diamond and gem cutting process is more meticulous while the designs are more attractive.

However, Mr. Siripol admitted that gems and jewelry export is facing heavy competition from China and India at present.

The Commerce Ministry and the GIT are ready to provide support to gems and jewelry exporters, given they are the third largest group to create trade value for the country. Nevertheless, Mr. Siripol suggested reducing import-export tax as a measure to promote and expand production and export base for Thai gems and jewelry.