ICA president analysis ASEAN markets

“China and India remain the largest consumer markets in terms of sales and exports”, was what Wilson Yuen, president of the International Colored Gemstone Association (ICA), stated in his address on the ASEAN countries’ market trends at the 3rd International Gem and Jewellery Conference (GIT 2012) in Bangkok, Thailand. He identified the traits if each country analyzing their strengths and weaknesses in the areas of manufacturing, sales and exportation.

Speaking about Thailand, he stated that “Thailand maintain its position as the top supplier. With respect to the competition from Sri Lanka and India, Thailand’s growing economic status could soon disqualify it for tax exemption when exporting gems to the US market.”

He also indicated that countries like Vietnam and Lao will gradually develop their gemstone industry as they have rich resources and low manufacturing costs. Indonesia and Brunei will continue to have a substantial development. The market of Myanmar will be expanding with the economic sanctions lifted. Singapore will be a strong competitor against Hong Kong in the high-end market. Also, mentioning about the recent development of the Chin market, Yuen stated that the volume of the mid-range consumers is growing. This market segment demands designs that speak of their self-presentation, he noted.