25 August 2003 15:40
Bangkok `The City of Fashion`
Section: Research - From 1996 to 2000, exports of Thai gems and jewelry dropped markedly, with a growth rate of minus
20.6 percent in 1998 from 1997, blamed on the global economic recession. Then growth picked up in 2001-2002 as the
economic situation of some Thailand's trade partners started to emerge from quagmire. Meanwhile, Thai businessmen
have begun to focus on better production and marketing, as well as gearing up for new markets, with continual efforts to
penetrate these new territories. In addition, the public sector has increased its role in supporting the local gem and
jewelry industry, hoping to upgrade Thailand to become a fashion hub under the project named, "Bangkok - The City
of Fashion". This will be a boon to Thai gems and jewelry, which is ready to expend if plans and policies smooth
the way.
Presently, Thailand earns a tremendous amount of foreign currency income from gems and jewelry exported to the US,
European Union (EU) and Japan -- Thailand's major markets. The combined value exported to these three markets
accounts for at least 60 percent of Thailand's overall exports in this category. At the same time, other secondary
markets such as Hong Kong and Australia have steadily purchased gems and jewelry from Thailand. For the emerging
markets, Kasikorn Research Center (KRC) views that interesting ones include Russia, China and the Middle East, like the
United Arab Emirates and Saudi Arabia, where there remains high potential awaiting Thai gem businessmen to explore.
Kasikorn Research Center 22 August 2003
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