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Pattaya Daily News

31 July 2006 :: 15:07:18 pm 23145

China Set To Increase Purchases of Thai Gems

China has been a rather large importer of Thailand’s gems, and this may be set to increase by at least 20% this year.
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   This could help ease a trade deficit of the gems within the country, according to Kasikorn Research Center, (KRC).

   The leading think tank said China is a major potential purchaser of the product that should be monitored and might become a global hub of the product soon.

   At present, competition in the gems and jewelry market in China has gradually intensified.

   KRC has stated that China has already enjoyed a momentous growth in their economy, and they are expected to gain momentum in the future.

   China which boasts a massive population of a little more than 1.3 billion people has quickly become a major destination of high priced products from allover the world.

   Included in these high priced product that China has been accumulating are gems and jewelry. The import value of these precious gems sky rocketed from $987.93 million in 2001, to $3.47 billion last year.

   The Gems and Jade Association in China believes that, due to a swift increase in demand for these products by consumers at all levels, the gems and jewelry market in the country will increase 15% annually from now until 2010.

   Therefore, China is now the new major gems and jewelry destination. They join other top destinations rivals such as Switzerland, Hong Kong, Japan and India.

   KRC believes that Thailand could gain a bigger piece of the market for gems and jewelry in China if the public and private sectors co-operated. To do this, Thailand would need to continuously penetrate the product into China.

   The local producers of gems and jewelry should place additional importance to not only their product, but to their business operations if they want to stay competitive in this market.

   KRC believes that if Thailand takes the necessary steps to increase the export of gems and Jewelry to China, the country could then expand the market globally.

Reporter : PDN staff   Photo : PDN staff   Category : Business News

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