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.Add a comment