Tax Benefits Offered at Bangkok Gems and Jewelry Fair

The 54th edition of the Bangkok Gems & Jewelry Fair will be running five full days, September 9-13, at the Impact Exhibition Center, Muang Thong Thani.

The official opening ceremony is scheduled for 9.00 a.m. on September 9, with the Minister of Commerce presiding. 

The Thai Gem and Jewelry Traders Association, with the support of the Department of International Trade Promotion, Ministry of Commerce, has organized this 54th Bangkok Gems & Jewelry Fair. 

At the same time, the preparations for moving ahead with the Fair can be seen as an important occasion, where the government can help integrate, and solve taxation problems, for the industry. 

The Thai Government is waiving the regular 20 percent import duty on gems and jewelry sold at the 54th Bangkok Gems & Jewelry Fair. 

Foreign exhibitors are allowed to bring in and sell gems and jewelry from other countries duty-free, while local exhibitors can reduce their selling prices after cutting down on imported parts and products’ costs. Thus, both local and foreign buyers at the fair can take advantage of 20 percent savings, giving them additional purchasing power at the Fair.

“We are privileged to have the government working alongside us so directly,” said Somchai Phornchindarak, President of the Thai Gem and Jewellery Traders Association and Chairman of The Gems, Jewelry and Precious Metal Confederation of Thailand.  He said the government decision follows the of TGJTA’s strong advocacy for a concessional duty rate of 0 percent, and they are happy to see their requests granted. 

“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 involves a grace period of 15 days before and 15 days after the BGJF54.  Products to be covered by the measure are pearls, precious stones and metals, imitation jewelry and coins — all categories that fall under the International Trade Commission (ITC)’s Harmonized System Code, Chapter 71. 

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 jewelry industry of the Association of South East Asian Nations — a region burgeoning with a 600 million population.”

The BJGF54 is expected to draw tens of thousands of buyers from all around the world.  Last February, the 53rd fair received over 30,000 visitors from more than 130 countries, including buyers from Dubai, Russia, China, Bahrain, Brazil and Canada.  The bi-annual event is regarded as the world’s fifth and Asia’s second largest trade show in the gems and jewellery market.  The fair boasts of gross export revenues exceeding $12.8 billion. 

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.”

Another tax-free initiative the BGJF is offering is the Zero VAT Pavilion, where buyers are exempt from paying the 7 percent value-added tax imposed on rough gems and raw materials imported into Thailand for manufacturing.  It’s a government-backed policy that 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.  Suttipong said the Zero VAT Pavilion will surely entice buyers looking for excellent bargains. 

Aside from the tax cuts, TGJTA says it will initiate a variety of new features that will enhance trade activities like seminars, contests, trend updates, and special offers. 

One of the new offers is a free 3-day, 2-night hotel accommodation for first-time visitors who avail themselves of  the Business Matching  Service  — a scheme that helps foreign buyers identify, locate and communicate with exhibitors long before the fair actually begins.  

After registration, customers are assisted by the Fair’s dedicated staff members to view suppliers’ profiles, see their latest products, and select those whom they wish to meet.  The service is free of charge, conducted online, and done in the comfort and privacy of buyers’ offices or homes. 

In return, sellers are able to study the buyers’ specifications and prepare customized sales pitches well ahead of time. “The service is immensely popular as it gives buyers the ability to both swiftly and accurately locate very specific suppliers in an amazingly fast and convenient way,” said Suttipong.  

An additional privilege that the Matching Service offers is the chance for buyers to meet with sellers, by appointment, in a private, comfortable room with special VIP service. According to TGJTA, hundreds of buyers from the previous fair availed of the service and were highly satisfied with it.  Around $2 million worth of gems and jewelry were purchased using that method alone. 

This 54th BGJF is hosting the 3rd Asean Gems & Jewelry Presidents’ Summit, which brings together the industry leaders from all ten Asean countries, plus those from the six others — Australia, China, India, Japan, Korea, and New Zealand.

The Thai gem and jewelry industry is gearing up for the AEC — Asean Economic Community — which takes off in 2015. At the BGJF, the AEC Pavilion is showcasing products from the region, with strong exhibitor contingents from Cambodia, Myanmar and Singapore. And being welcomed for the first time to the BGJF is the Nepal Pavilion.

Highlights of the Fair:

  • Thailand World of Gems and Jewelry to AEC
  • Design Pavilion
  • Gems and Jewelry Outlet
  • Ploi Thai Jewelry Creation
  • Online Sourcing Project & Business Matching
  • Zero VAT Zone

There is the further incentive for this 54th BGJF: registered buyers at the Fair will be entitled to two nights free hotel accommodation, available on a first-come-first-served basis.

 

The role of this 54th BGJF is “Thailand: World of Gems and Jewellery to AEC,” which emphasizes the Thai gem and jewelry industry’s position as a leader within the AEC, within the Asia-Pacific Region and globally, as the World’s Gem and Jewellery Hub. The 54th Bangkok Gems & Jewelry Fair presents over 1,500 exhibitors, and over 3,000 booths, within a single 100,000- square meter exhibition hall, with gems and jewelry for every requirement and every market.

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The IDEX Online Polished Price Report for August 29

This week again saw many negative changes in round diamonds, although there was less activity than in previous weeks, according to the weekly IDEX Online Price Report.

There was again a low level of activity in fancy shape diamonds this week, with a slight predisposition to the positive.

The following are some of the changes in this week's IDEX Online Diamond Price Report.

To receive a free copy of the full IDEX Online Diamond Price Report, please email us at prices@idexonline.com.

Rounds

  • 0.18-0.22 cts mostly rising

  • 0.23-0.29 cts H-J / SI2 rises of 4-5%

  • 0.30-0.39 cts just one change, downwards

  • 0.40-0.44 cts two declines

  • 0.45-0.49 cts unchanged

  • 0.50-0.69 cts N / VS2 -3.0% to $1,600 p/c

  • 0.70-0.79 cts D / VVS1 +2.9% to $8,950 p/c

  • 0.90-0.99 cts declines in lower colors, higher clarities

  • 1.00-1.24 cts D / VVS2-VS1 declines of 3%

  • 1.25-1.49 cts just four changes, three down and one up

  • 2 cts unchanged

  • 3 cts just two changes: one up, one down

  • 4 cts no changes

  • 5 cts unchanged

Fancy Cuts

 

  • 0.18-0.22 cts D / VVS2-VS1 declines of 2-3%

  • 0.23-0.29 cts rises in mid-colors, better colors

  • 0.30-0.39 cts just two changes, both downwards

  • 0.40-0.44 cts H / SI3-I1 rises of 5-6%

  • 0.45-0.49 cts many increases in lower colors, better clarities

  • 0.50-0.69 cts unchanged

  • 0.70-0.79 cts just two changes, one up and one down

  • 0.80-0.89 cts J / SI2-I1 rises of 2-3%

  • 0.90-0.99 cts just two changes, both downwards

  • 1.00-1.24 cts just three changes, all down

  • 1.50-1.99 cts two changes, one up and one down

  • 2 cts F / VVS1 -3.1% to $18,500 p/c

  • 3 cts three increases in mid to low colors and clarities

  • 4 cts M / VS2 +4.0% to $5,200 p/c

  • 5 cts I / VVS2 -2.9% to $23,200 p/c

To receive a full free copy of the IDEX Online Diamond Price Report, please email prices@idexonline.com.

Albert Robinson is Editor-in-Chief of IDEX Online, heading an international team of writers that covers global industry related events and issues. He writes about rough and polished diamond prices, publishes industry analysis articles and a popular weekly opinion column. In recent years, Albert has advised a number of leading diamond firms, industry bodies and governmental agencies. He writes research papers on topics ranging from provenance analysis of fancy color diamonds to diamond's contribution to local economies, often contributing or writing the diamond chapters for leading research organizations such as KPMG and Bain & Co.

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Rocker Redbox Launches Website, Rebranding Campaign

Rocket Redbox has launched website www.rocketbox.com,  the first stage of their rebranding campaign. 

The website is devoted to servicing the retail jeweler, jewelry manufacturer and watch industry. The website provides detailed information about the company, its products and services as well as highlights about Rockets history and growth for the soon to be 100 year old business.  

The website was redesigned to compliment Rocket’s current business model and growth strategy. The online visitor will now be able to view the whole Rocket experience and fully understand the breath of services that can be offered to them.  

 

Retail purchasing managers, designers, and visual merchandisers in the industry can use the site to make well-informed decisions about packaging and display options in the context of their unique needs. Additionally, the site is aimed to extend its reach to the small independent jewelry retailer/wholesaler by including an on-line shopping option.

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Frederick Goldman Names Two New Execs

Frederick Goldman has named Robin Scheer Ettinger as Chief Marketing Officer and Ruben Luna as Senior Vice President of Merchandising.  

Most recently, Robin was Vice President of Marketing at Safilo for the Americas, the second largest eyewear company globally, where she directed all marketing and licensing activities for 25+ luxury and fashion brands, coordinated brand strategies throughout the Americas and launched the very successful Bobbi Brown eyewear collection.

Prior to Safilo, Ettinger held various senior Marketing positions across a broad spectrum of consumer luxury and fashion businesses including Godiva, Liz Claiborne and Montblanc.

Ruben was previously General Manager of Product Design at The Metropolitan Museum of Art's multi-channel Merchandise and Retail division, where he built and led the new product design department.

Luna has extensive product experience in department store, designer, private label, specialty and licensing. Prior to The Metropolitan Museum of Art, he held several senior product development, design and merchandising positions at HSN, Movado Group and May Merchandising Company. 

“We are so excited to have Robin and Ruben join Frederick Goldman. Their diverse background will be instrumental as we continue to grow our business and develop our brands,” says Jonathan Goldman, Frederick Goldman, Inc.,  Chairman & CEO.

 

“Robin’s expertise in integrated marketing communications and brand strategy, paired with Ruben’s expertise in product development and merchandising will enhance our already robust senior management team, while bringing fresh perspectives and innovative creativity.”

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