Themed ‘power of free trade that connects the world with free tax’, the Bangkok Gems & Jewelry Fair 2014 (BGJF54) brought down the curtain on 13 September, proclaiming Thailand’s position as a free trade hub and a gateway into regional gems and jewellery trade ahead of the formation of the Asean Economic Community (AEC) in 2015. To get the Asean-plus-six countries and regions prepared for the challenges and opportunities brought by AEC, the 3rd ASEAN+6 Gems and Jewelry Presidents’ Summit was held parallel to the biannual show.
BGJF54 registered over 3,500 booths grouped under eight categories, namely gemstones, diamonds, silver jewellery, gold jewellery, pearls, equipment and machinery, fashion jewellery and rough stones. Exhibitors were from 32 countries and regions, according to a Thai Gem and Jewelry Traders Association (TGJTA) report.
The opening ceremony was presided over by Chutima Bunyapraphasara, permanent secretary of the Ministry of Commerce, together with Vuthichai Duangratana, deputy permanent secretary, Nuntawan Sakuntanaga, director-general of the Department of International Trade Promotion (DITP), and representatives of ministries.
Chutima confirmed the importance of the gems and jewellery industry as one of the nation’s most successful industries thanks to the quality products, exquisite craftsmanship, credible partnership, as well as BGJF which demonstrates the outstanding capabilities of the Thai gems and jewellery industry. Over the first seven months of 2014, the industry recorded a growth of over 19 percent from last year, generating more than US$6 billion. “The royal Thai government has in place a number of policies and plans to promote the gems and jewellery industry from Thailand and retain our status as the world’s gems and jewellery hub,” Chutima said.
For instance, the government gave duty free privilege for traders at BGJF54 where gems and jewellery products traded were exempted from 20 percent import duties. To further strengthen Thailand’s position as the world’s gems and jewellery hub, the Thai government agreed to exempt the 7-percent value-added tax for all imports of rough gemstones and raw materials into the country for manufacturing. The tax exemption scheme was spearheaded by Somchai Phornchindarak, president of the Gems Jewelry and Precious Metal Confederation of Thailand (GJPCT) and TGJTA.
Co-organised by GJPCT and TGJTA, the 3rd ASEAN+6 Gems & Jewelry Presidents’ Summit Conference was held on the second day of BGJF54, 10 September. Among the panelists were Somchai Phornchindarak, president of TGJTA and GJPCT, Suttipong Damrongsakul, CEO of BGJF54 organising committee, Duangkamol Jiambutr, deputy director-general of DITP, and Supawadee Yamkamol, head of DITP’s fashion development division.
The meeting was heavily attended by high-level representatives from ASEAN countries namely Brunei, Cambodia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, together with the plus-6 delegates from Hong Kong, Shanghai, India, Japan and Korea.
Reaching common standards for gold and gems was one of the focus issues discussed at the summit. Director of GJPCT Kitcharat Hirunyasiri said that each ASEAN+6 countries and regions is using different standards which have resulted in unnecessary expenses and procedures exporting to external markets. He advised a start with gold hallmarking.
The meeting agreed to set up a promotion committee comprising Cambodia, Myanmar, the Philippines, Singapore, Malaysia, Hong Kong and Shanghai from China, India, Japan, South Korea and Thailand which was elected as the committee chair, with Malaysia and the Philippines as the first and second secretary respectively.
Other achievements of the summit included the successful vote on the official emblem and the agreement on the hosts of the next four summits which are Thailand, Myanmar, the Philippines and Cambodia.
The 55th BGJF, themed ‘first class’, is scheduled for 24-28 February 2015.
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