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

Business Barons from India & Thailand meet at FICCI Global Business Forum at the IIFA Bangkok

Mumbai: - Czars from India and Thailand combined business with pleasure at the FICCI Global Business Forum that kicked off at Bangkok. The forum highlighted the huge untapped trade potential between India and Thailand, the two majors in the global gems & jewelry industry that was attended by business czars from India and Thailand.

It was discussed that India is not just strong in its culture but is also a very strong market, with an export of US $ 20.889 billion in 2007-08 and records a growth of 22 %. Out of this, India exports only 2% of its Jewelry to Thailand and has a tremendous potential to grow. Thailand on the other hand is the gemstone capital of the world. Thus, the FICCI Global Business Forum at Bangkok was an effort towards bilateral trade promotion activities such as to benefit the gem and Jewelry sector in both the nations.

The trade between Indian and Thailand has a huge untapped potential to grow. Inter Organizational collaborations and partnerships will help harness this potential. India and Thailand can work together to leverage their strengths to capture a larger market share in the American European and emerging markets of the world.

Speaking at the forum Mr. Mehul Choksi, Chairman, FICCI's Gem & Jewelry Committee said, "India and Thailand can work together to leverage their strengths to capture a larger market share in the American, European and emerging markets of the world. Inter Organizational collaborations and partnerships will help harness this potential".