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

Thailand eyes Namibia as a new direct supply source for gemstones

Thailand wants to establish resource-rich Namibia as a new supply source of diamonds and gemstones to support its burgeoning jewel making and exporting industry.

A Thai government delegation including executives from Thai Gem & Jewelry Traders Association (TGJTA) plans to visit the African state in June to explore that possibility.

The visit is a follow-up to talks last March in Bangkok between Deputy Prime Minister Mingkwan Sangsuwan and Namibian Ambassador to Thailand Neville Melvin Gertze about fostering economic ties between the two countries.

Namibia offers the potential to supply its abundant diamond, gemstones like tourmalines, amethyst, topaz as well as quartz and gold where are needed by Thailand's gems and jewelry industry. Furthermore, the country also offers opportunities in joint venture and partnership in diamond and precious stone mining as well as polishing and jewelry making.

By establishing a direct link, Thailand would be able to source these materials directly from Namibia, rather going through middle-man sources.

"Direct sourcing from Namibia will not only help us to ensure raw material supplies but reducing production costs and thus increase our competitiveness in the global market," CEO of Bangkok Gems & Jewelry Fair, Mr. Somchai Phornchindarak pointed out.

Namibia was identified as one of the new long-term sources of supplies by TGJTA in its supply diversification plan.

During the visit to Namibia, TGJTA plans to invite members of Namibian jewel industry to attend the Bangkok Gems & Jewelry Fair to allow them to see for themselves the magnitude of Thai industry. The attendance will also provide opportunities for Namibian companies to personally interact with local operators on the potential to work together to create a win-win business result.

This could also be the next big step of Bangkok Gems & Jewelry Fair, the world's premiere gems fair organized twice a year on March and September. Since the fair, best-known as the heart of gemstone market, would be the best place where the international buyers to trade directly with the Namibian companies, while the Namibian will have more chance to meet with the manufacturers of their choice.

For their own benefit, the visitors of the upcoming 42 Bangkok Gems & Jewelry Fair, staged during September 11-15, 2008, are urged to regularly update the latest progression of the Thai-Namibia trade relation on www.bangkokgemsfair.com. The visitors can also reach their success by registering now.