|
|
| • EXCH RATES |
|
Baht/$ 34.24/29 (Bid/Ask)
|
GOLD |
14050
-400
|
|
GEMS & JEWELLERY
VICHAYA PITSUWAN
Gem and jewellery export sales are expected to grow 10% this year to 200 billion baht despite warnings that the sector would be one of the first casualties of the global economic meltdown, says the Gem and Jewelry Traders Association.
The export growth target has been trimmed from 20% earlier, but the association remains upbeat, said president Wichai Assarasakorn. It will review this forecast again depending on how the industry performs in the fourth-quarter peak season.
"Jewellery is a luxury product and naturally will see less consumption during this tough time, but we have seen investors shift from financial instruments to investment in jewellery," he said.
"Jewellery is a necessity for women even in hard times. Up to 90% of our customers are women who consider jewellery as sentimental products that help lift their self-esteem, so in depressing times, they choose jewellery more than fashion products."
The industry grew more than 20% last year. However, traders are expected to see up to a 30% sales drop from their main export markets of the United States, Japan and Europe.
The new markets of Russia, the Middle East, China and India have been growing at a rate faster than 50%, but their total value is still too small to offset the decline in the main markets.
Mr Wichai suggested his fellow traders adopt caution toward gem stock management and customer payment guarantee measures.
"Customers may delay their payment and purchasing so we have to come up with measures to handle this and be more careful with possible gem price fluctuation," he said.
Thailand holds a 2% market share in the $300-billion global jewellery business.
Prev
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
Next
