The Thai Government is waiving the 20 percent import duty on gems and jewellery sold at the 54rd BGJF. Foreign exhibitors can bring and sell gems and jewellery from other countries duty-free, while local exhibitors can reduce their selling prices after cutting down on imported parts and products’ costs.
“We are privileged to have the government working alongside us so directly,” says Mr 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 follows TGJTA’s strong advocacy for a concessional duty rate of 0 percent. “The government has been with us every step of the way, helping to promote exports as well as developing overseas markets via trade fairs, road shows and exceptional exhibitions. All these changes predict a gleaming future for all,” added Mr Somchai.
The concession is being made applicable to pearls, precious stones and metals, imitation jewellery and coins — all categories that fall under the International Trade Commission (ITC)’s Harmonized System Code, Chapter 71, for a grace period of 15 days before and 15 days after the BGJF54.
Mr Suttipong Damrongsakul, Chief Executive Officer of the BGJF Organizing Committee, said the move would significantly propel Thailand to become the “golden gateway to the gems and jewellery industry of the Association of South East Asian Nations (ASEAN) — a region burgeoning with a 600 million population.”
This year’s edition of the show expects a good buyer turnout.
Mr Somchai said the strength of the industry is built on such solid foundations as “excellent designs, reputed quality, premier craftsmanship and state-of-the-art technology. These qualities, along with best possible support services, have seamlessly propelled our industry, all despite rocky economic conditions worldwide since 2007.”
The BGJF is also offering the Zero VAT Pavilion, where buyers are exempted from paying the 7 percent value-added tax imposed on rough gems and raw materials imported into Thailand for manufacturing. This government-backed policy aims to strengthen the country’s position as the ”World’s Gems and Jewellery Hub” and the largest manufacturing centre for such products in the entire globe.