Dubai and Thailand explore mutual trade opportunities for gems and colored stones

UAE. Dubai Multi Commodities Centre (DMCC) and the Thai Gem and Jewelry Traders Association (TGJTA) signed an agreement today, making TGJTA the first affiliate member of the Dubai Gems Club (DGC), a strategic initiative of the Colored Stones and Pearls Division at DMCC.

This agreement will boost trade opportunities between Dubai and Thailand, both fast-emerging markets for gems and colored stones. Thailand, a major global gem trading and processing centre, is the second largest exporter of gems and jewelry in the world with annual exports over US$2 billion. The country enjoys rich natural deposits of ruby and sapphire and is known as the heart of South East Asian gemstone production and trade.

Under the terms of the agreement, TGJTA members will access DGC’s network of local and international markets. In addition, as an affiliate member, TGJTA will also have access to the dedicated trading facilities of the Dubai Gems Club located at Almas Tower. DMCC serves as an international hub bridging gemstone producing and consuming countries, and facilitates the trade of colored stones through Dubai via the Dubai Gems Club.

Gaiti Rabbani, Executive Director-Colored Stones and Pearls Division, DMCC, said: “We strongly feel that the colored stones industry needs a unified and comprehensive marketing strategy that will drive demand across the emerging consumer markets. DMCC’s affiliation with TGJTA will offer Thailand’s colored stones community a dedicated platform to further boost their trade, and will in turn positively impact the entire value chain of the colored stones industry. In addition, our partnership with TGJTA will add value to Dubai’s AED 70 million [US$20 million] annual colored stones trade.”

“The affiliate membership status is new to DGC and we are pleased to work with a reputable association such as TGJTA in this Endeavour. We expect to see an equally strong response from other respected international gemstone organizations as a result of the various benefits derived from this membership status,” she added.

Vichai Assarasakorn, President, TGJTA, said: “The TGJTA has always sought to lead the way in the international community to promote Thailand’s colored stones trade. Our association with DMCC will pave the way for a dedicated market for over 200 of our members. We look forward to partnering with the Dubai Gems Club to further develop the jewelry and colored stones trade.”

TGJTA was established over three decades ago to serve Thailand’s gem and jewelry traders and manufacturers. It has concentrated on creating a cohesive organization dedicated to developing and expanding the industry for the benefit of all. TGJTA’s leadership and members have served to grow what was once a cottage industry in Thailand into one of the world’s leading gem and jewelry manufacturing and trading centers.

Source: BI-ME

GemTradeNet.com Visits Chantaburi Gems Trade Center Thailand

GemTradeNet.com recently visited the Chantaburi Gem Trade Center located in the the provincial town of Chantaburi in eastern Thailand. Chantaburi seems an unlikely center for international commerce of any description, but a combination of factors has earned it a solid reputation as one of the most important gem-trading capitals of the world. Located some 250 kilometers from Bangkok, the town owes its prominence to the nearby presence of a legendary gem mountain known as the Khao Ploei Waen. In the past sapphires and rubies littered the ground there in such quantities that village children used them as marbles or smashed them into pieces for the pleasure of making colored sparks fly. It was this treasure trove that put Chantaburi firmly on the map as one of the world's top gem-trading locations, an accolade it still merits today. The local gem traders' association estimates that today at least 80 percent of the world's rubies and sapphires transit Chantaburi at one stage or another on their journey from the mine to the retail outlet.

The nerve center of Chantaburi's gem trade is the Talaat Ploei, or gem market, located in the heart of the old town. The market, an informal collection of open-fronted shophouses at the intersection of Si Chan and Thetsaban streets, operates on weekends from Friday to Sunday. Thousands of dollars' worth of gems lie scattered on the tables, and African, Indian and Sri Lankan dealers mingle with Thai, Chinese, Japanese and even the occasional Western buyers.

Typically from the mine to the end consumer a gemstone changes hands at least seven times, and jumps in price a thousand percent. Even between Chantaburi and Bangkok the price difference can vary by up to 30 percent. Huddled at rickety tables with jeweler's loupes screwed into their eyes, the buyers rent space at one of the shophouses and put up a sign listing the gems they are interested in acquiring. Sellers patiently line up to present their stashes and eye the stones of the competition. It all seems very amicable with no raised voices, just quiet bargaining that leads to a deal being refused or concluded with a handshake.

GemTradeNet.com met with the local Gem Traders and gave them useful insights as to how GemTradeNet.com can help them to grow and compete over the internet. The GemTradeNet.com sales and Marketing team distributed brochures and introduced the novel ideas proposed through the Gem Trade Network.

Gem Traders in the packed weekend market were given a brief on the innovative features included in its Gemstone search and Gemstone listings. Also highlighted during these presentations was the recently launched Auctions feature,and the various modes by which Gemstone sellers can benefit from these selling tools.