Gems and jewelry, which once made up Thailand’s third biggest export category, have been struggling in recent years. To rejuvenate the sector, the Gem and Jewelry Institute of Thailand (GIT) is organizing a fair where traders can meet with potential buyers.
The GIT said it will be holding the Bangkok Gems and Jewelry Fair in September, the first full-scale valuable stone exposition since the start of the pandemic. GIT Director Sumed Prasongpongchai said Thailand’s gem and jewelry industry saw 46.9% growth in the first five months of this year, following a 40% decline due to the pandemic in 2020.
Despite the positive performance, Sumed said Thailand still needs to make adjustments due to the global inflation crisis affecting consumer behaviors and purchasing power.
The GIT wants to enhance manufacturing standards while reducing production costs.
Taking place from September 7-11 at IMPACT Muang Thong Thani exhibition center, the event will see more than 700 business entities as well as some 10,000 buyers and importers from around the world.
The fair is expected to generate no less than 1.2 billion baht worth of direct orders and drive industry growth by no less than 20%.
This growth is projected to create 70,000 jobs as businesses seek skilled sorters, cutters and artisans, in addition to jobs in related industries such as packaging, insurance, logistics and tourism.(NNT)