BGJF - Fair well!

The 53rd Bangkok Gems & Jewelry Fair (BGJF) jointly organised by the Thai Gem and Jewelry Trader Association and the Department of International Trade Promotion was slated from February 25 to March 1, 2014, at the Impact Exhibition Hall, Muang Thong Thani, Bangkok Thailand. The Thai government announced the lift of 20 per cent tax on imported gems and jewellery products to be sold at the Fair and this helped the show in some way. “We are privileged to have the government working alongside us so directly,” says Somchai Phornchindarak, President of the Thai Gem and Jewellery Traders Association (TGJTA) and Chairman of the Gems, Jewelry and Precious Metal Confederation of Thailand. He said the government decision came at the heels of TGJTA’s strong advocacy for a concessional duty rate of 0 per cent, and they are happy to see their requests granted.

Due to the political situation in Bangkok, exhibitors and organisers were extremely worried about the show and visitor turn out. The exhibition saw lot of cancellation of booths and even the Hong Kong pavilion did not come due to insurance issues. On the other hand, the gemstones saw a good number of buyers and traders from manufacturing centres like India and China even the buyers from Russia, Pakistan and other gulf countries were witnessed inquiring about gemstones. This was due to high prices and continuous upside since few months in gemstones.

Anil Tambi, from Emerald mines Bangkok says that the sales were fine in gemstones and the show was better then what we expected but the prices in emeralds, rubies and sapphire are very strong. We are not sure whether we would be able to source again what we are selling currently at same prices. The availability of rough is less and due to this the prices are moving further. Nirmal Bardiya from RMC Gems also mentioned the same about the semi precious stones like blue topaz and ruby light. According to him the demand is very strong and this is a good time for the gem stone industry which was in a low light since past few years.

On the other hand the loose diamonds were comparatively slow at the show and even the finished diamond and gold jewellery were weak. The silver jewellery is becoming the most important industry of Thailand today, the design and finish is very good and buyers from America, Russia and European countries prefer to buy silver jewellery from Bangkok.

Overall by the end of five days, the show was better than expectations. Visitor turn-out was less but potential buyers did come and placed orders.