Informa Markets, together with the Gem and Jewelry Industry Group, the Federation of Thai Industries, and the Chamber of Commerce of Thailand, prepare for the first “Jewellery & Gem ASEAN Bangkok” (JGAB) event in Thailand, to be held between April 26-29, 2023,at Hall 1-2, Queen Sirikit National Convention Center. With the trend of the gem and jewelry market that continues to grow, especially Thailand that is the world's gem and jewelry production and trading center with the talents of Thai craftsmen, gems and jewelry products are the third highest exported product in Thailand in 2022 with export value (including unwrought gold) of more than 517,607.97 million baht, an increase of 62.83%. JGAB is expected to be a major gathering of global gem and jewelry retailers and buyers, especially retailers, wholesalers, manufacturers, as well as designers from Southeast Asia. It also offers seminars in a single platform to ensure attendees have the most useful experience.
Mr. Sanchai Noombunnam, Country General Manager of Informa Markets Thailand Co., Ltd.revealed that after the country was fully opened, more businessmen and foreign tourists entered the country since the end of the year 2022, causing the exhibition business to return to normalcy. In the past, we have held a total of 14 events to reinforce our leadership in the trade show business, as well as prepare and encourage various industrial sectors to return to grow continuously again. The company also draws various world-class events to be held in Thailand for the first time and combines them into annual events of the company to strengthen the event portfolio, such as Cosmoprof CBE ASEAN, the beauty trade show, which has been exhibited around the world, including Italy, Hong Kong, India and the USA, and Jewellery and Gem ASEAN Bangkok, the ASEAN gem and jewelry industry trade fair, which will be held in Thailand for the first time as well.
For the year 2023, Informa Markets Thailand is gearing up to host up to 16 trade shows, all of which are trade exhibitions for businesses and industries. The target groups are businessmen and government (B2B and G2G) both Thai and international, all of which are high-value events in terms of promoting trade and investment that help create value, income and economic strength for the country.
The event that is an important highlight for the year 2023 is to bring the world-class events of the jewelry industry such as the Jewellery and Gem ASEAN Bangkok, which is the gem and jewelry industry fair of the ASEAN region, to be held in Thailand, in collaboration with Informa Markets Asia, the world's largest gem and jewelry event organizer.
Ms. Anna Vichvech, Project Director, Informa Markets Thailand Co., Ltd., mentioned about “Jewellery & Gem ASEAN Bangkok” (JGAB), that Informa Markets Jewellery is the organizer of the largest gem and jewelry trade fair in the world, and one of the key drivers of the gem and jewelry market, which is the number 1 business sector in the industry. The company is ready to organize the event "Jewellery & Gem ASEAN Bangkok" (JGAB) for the first time in Thailand, between April 26 - 29, 2023, at Hall 1-2, Queen Sirikit National Convention Center, and has received support for this event from the Gem and Jewelry Industry Club, the Federation of Thai Industries, and the Thai Chamber of Commerce, on an area of more than 10,000 square meters. This event is an important gathering of gem and jewelry traders from around the world. Informa Markets Jewellery, which is the organizer of Jewellery & Gem WORLD Hong Kong, the world's largest gem and jewelry trade fair, is ready to bring experience in sourcing gems and jewelry products from around the world to organize an event in Thailand for the first time.
This “Jewellery & Gem ASEAN Bangkok” (JGAB) event will elevate Thailand's gem and jewelry trade fair to become the world's most important gem and jewelry trading center, and aiming to become one of the region's leading centers for colored gemstone cutting and jewelry design.
With industry expertise and the integration of everything in one area, JGAB is another event that will attract both Thai and international exhibitors, as well as ready-made jewelry experts, gemstones, packaging works, tools, manufacturing equipment, and gem and jewelry services are combined in the fair, and exhibitors can bring gems and jewelry from other countries to exhibit without import duties.
Mr.Vibul Hongsrichinda, President of the Gem and Jewelery Industry Group of the Federation of Thai Industries,said that JGAB 2023 will be a promising trade fair as it is organized by a professional private sector with expertise in trade fairs and a good understanding of the gem and jewelry industry. In addition, Thailand is a country that has advantages in traveling for business negotiations because of the affordable cost of living, delicious food and tourist attractions that are of interest around the world. If there are many gem and jewelry trade fairs held, it will benefit Thailand as a real center of gem and jewelry production and trading.
In 2022, gems and jewelry products were the third highest exported product in Thailand, with an export value of gems and jewelry (including unwrought gold) of 517,607.97 million baht, expanding by 62.83%. Excluding unwrought gold, gems and jewelry products have an export value of 279,602.63 million baht, an increase of 43.42%. It is expected that in 2023, exports will increase by 10-15% because Thailand is still a source where buyers from all over the world are still interested in doing business, especially the ability of Thai craftsmen.
At present, Thailand's competitors in Asia still have problems with the sluggish economy. As a result, partners around the world are more interested in doing business with Thailand, and if Thai entrepreneurs receive support from the government, for example in the gemstone industry, the amendment of the corporate taxation of gemstone merchants to the form of a carat tax, will increase export sales. In the silver jewelry industry, if VAT is unconditionally exempted, it can increase liquidity for SMEs. This is because silver is considered a precious metal with the same properties as gold. If supported, it will increase export sales of silver jewelry as well.
Mrs. Prapee Sorakraikitikul, Advisor to the Thai Chamber of Commerce and Chairman of Committee on Trade Association of Gem, Jewelry and Precious Metals,said that the key market trend of the gem and jewelry industry is diamond jewelry, which is just one of the jewelry product groups comprising gold, silver, gems and others. However, diamonds account for up to 35% of the world's jewelry value in 2021, behind gold jewelry at over 40%.
There is a significant trend that sustainability and ethical values of entrepreneurs are important factors in purchasing decisions. The report states that jewelry is in the third place after food and clothing that consumers consider sustainability factors with 30% of young people buying jewelry that affirms that it is socially responsible and 58% of consumers prefer diamonds that are made socially and environmentally responsible. About 85% of consumers and 92% of Gen Z would pay more for products that are made responsibly.
In addition, the new generation prefers to buy branded products with Gen Z and Millennial, who are the majority of consumers in society, buying branded diamond jewelry in the proportion of 76% and 72% respectively, while Gen X and Boomers buy only 64% and 38%. The trend of branded products is growing exponentially within 7 years from 2015-2021 from 33% to 65% of total market value.
Another trend is that the mix of online and physical distribution of diamond jewelry products continues. About 49% of customers will look for information of diamond jewelries on the Internet, and then 30% make a purchase. About 68% of shoppers still decide to continue shopping online, and online sales account for 25% of total transaction value. About 54% of buyers of diamond jewelries are first time buyers. Meanwhile, 51% of shoppers willing to shop for diamond jewelry products at the store, then 40% decide to buy, and 11% of shoppers return to online shopping. WEB and Metaverse are important new factors underpinning marketing. These technologies are the tools that bring customers in the digital world to the virtual world for product publicity and marketing to support sales.
“From the above market trend research clearly indicates that the direction of doing business in this industry is heading towards a sustainable business direction, whether manufacturers or retailers are responsible for society and the environment that business partners and consumers continually attach importance to this issue and are connected to each other. In other words, retailers must build their brands with sustainability as an important element, while jewelers operate by keeping commitments with partners to conduct business sustainably in line with consumer values.” Mrs. Prapee concluded.
Those who are interested in pre-registering to visit "Jewellery & Gem ASEAN Bangkok" (JGAB) can register to visit the event and follow news and more details at: http://jewellerygemaseanbkk.com
###Press Releaseby Four Hundred Co., LTD. (Public relation
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