BANGKOK, Aug. 29, 2023 /PRNewswire/ — “Diamonds are forever” is the old cliché that once guided the gemstone universe. But diamonds must now share the world stage with a new cast of sparkling characters. In a shifting landscape of consumer preferences, other precious stones are coming to the fore, drawing attention not only for their aesthetic appeal, but also for their versatility, uniqueness and spiritual endowment. And Thailand is already an established hub for these newcomers.
Gems today are more than just pretty baubles; they serve as conduits for astrological energies and personal connections. Birthstones, cherished by many, hold the promise of shielding against negativity and attracting positive energy. Sapphires, symbols of wisdom and spiritual enlightenment, are an integral part of India’s cultural heritage. China’s reverence for jade, believed to have protective properties, is steeped in Taoist beliefs and ancient literature. Thus, ancient lore imbues contemporary jewellery with age-old mystique, adding cultural gravitas to visual appeal.
Thailand has emerged as a focal point in this global gemstone renaissance, skilfully navigating changing tastes while cementing its position as a leader in luxury jewellery. Rooted in centuries of cultural heritage, Thailand’s gem and jewellery industry is a testament to the skill of local artisans who transform raw gems into intricate masterpieces that embody tradition, spirituality and exquisite craftsmanship.
A distinctive element of Thai expertise is the mastery of heat treatment techniques that give colour stones an unparalleled vibrancy. This unique skill, a signature of Thai craftsmanship, has been perfected over decades. With some 20,000 skilled artisans and production centres such as Bangkok and Chanthaburi province, the legacy is alive and well.
“We have seen a surge in global and local demand,” said Mr Phuket Khunprapakorn, advisor to the Chanthaburi Gem and Jewellery Traders Association. The post-COVID economic recovery in Europe and the US and the influx of tourists to Thailand (especially from China and India) are fueling this growth.
Thailand is proud to be the world’s third largest exporter of coloured gemstones, with gem and jewellery exports expected to reach more than US$15 billion in 2022, representing a 50% year-on-year growth. The upcoming 68th Bangkok Gems and Jewellery Fair, scheduled for 6-10 September 2023, is expected to attract around 30,000 visitors, cementing its status as the industry’s premier event.
“More and more modern buyers are looking at gemstones as a new form of investment,” said Mr Phuket. Acquiring top-quality gemstones such as rubies and blue sapphires from Thailand could indeed prove profitable, as the value of rubies has increased by more than 40% in the past five years. With high demand and dwindling natural resources, Thailand faces the challenge of balancing supply and demand for sustainable growth.
n an era dominated by online commerce, the gem and jewellery sector has embraced change. To instil confidence in product quality, the Gem and Jewellery Institute of Thailand (GIT) has spearheaded several initiatives across the value chain.
GIT Director Sumeth Prasongpongchai said, “Our mission is to raise the standards and competitiveness of the gem and jewellery industry to an international level, while ensuring sustainability”.
GIT has invested in research to improve manufacturing productivity and address environmental concerns, and is working with national and international institutes to establish industry standards for gemstones and precious metals. To strengthen the downstream sector, GIT has launched the “Buy with Confidence” initiative, issuing quality assurance certificates that instill confidence in both buyers and sellers. Using AI technology, GIT can trace the origin of gemstones and curb misinformation that could unfairly influence pricing.
With an unwavering commitment to quality, craftsmanship and adaptability, Thailand’s gem and jewellery industry has steadily cemented its position as a shining jewel in the crown of luxury adornment.
