Mumbai, June 26, 2020 – In a pivotal moment for the global gems and jewelry sector, the Department of International Trade Promotion (DITP) orchestrated a crucial webinar aimed at unearthing and cultivating robust business opportunities between the prominent jewelry industries of India and Thailand. Held in the immediate aftermath of the initial impact of the COVID-19 pandemic, this virtual gathering also served as a launchpad for the innovative new iteration of the renowned Bangkok Gems & Jewelry Fair (BGJF), signaling a forward-looking approach to trade and collaboration in unprecedented times. The event underlined a shared commitment to navigating challenges and forging stronger bilateral ties.
Titled ‘Managing the Crisis, Mitigating the Impact with Survival & Revival Strategy for Jewelry Industry Related Post COVID-19’, the webinar transcended geographical boundaries, drawing an impressive assembly of leading stakeholders and influential figures from the gems and jewelry industries of both Thailand and India. This high-profile participation underscored the shared urgency and collective determination to address the monumental shifts brought about by the pandemic. The core objective of this strategic webinar was to collaboratively explore and define concrete pathways to foster enhanced cooperation and synergistic partnerships between these two formidable Asian economies, crucial for navigating the ‘new normal’ of global trade.
Jittima Nakamano, the insightful Director of the Thai Trade Centre in Chennai, articulated the profound and multifaceted impact of the COVID-19 outbreak on the global gems and jewelry industry. She highlighted how widespread lockdowns, the necessity for social distancing protocols, and a significant downturn in consumer demand collectively delivered a severe blow to the sector worldwide. Illustrating the tangible consequences, Ms. Nakamano revealed that from January to April 2020, Thailand’s export value of gems and jewelry products, excluding unwrought gold, witnessed a substantial decline of 25.31%, plummeting to US$1.77 billion compared to the corresponding period in the previous year. Despite these challenging statistics, Ms. Nakamano expressed a strong conviction in the industry’s resilience, particularly given Thailand’s commendable success at that time in containing local COVID-19 transmissions. She projected an optimistic outlook, anticipating a powerful rebound for the Thai gems and jewelry sector, poised to emerge stronger than ever.
Emphasizing the proactive stance of the Thai government, Ms. Nakamano affirmed, “With the unwavering support of the Thai Government, we are aggressively driving export activities, targeting key markets such as India, Japan, the US, and the Middle East.” This strategic push reflects a clear commitment to diversifying and strengthening Thailand’s global trade footprint. She further highlighted the DITP’s instrumental role, stating that the organization had consistently remained at the vanguard of the nation’s concerted efforts to bolster its vital gems and jewelry industry, with a particular emphasis on fostering robust international exports. These initiatives include market research, trade fair participation, and facilitating connections between Thai manufacturers and international buyers, all designed to ensure the industry’s sustained growth and global competitiveness.
Acknowledging the drastic shift in the global economic landscape, the DITP pivoted its focus towards transforming its traditional event models. Ms. Nakamano elaborated on this strategic adaptation, noting, “Because of COVID-19, we have had to adjust our strategies and leverage online platforms extensively to promote Thailand’s exceptional gems and jewelry industry.” This move underscored a broader industry trend towards digitalization, utilizing virtual exhibitions, webinars, and e-commerce solutions to maintain global connectivity and market presence. This agility in embracing digital transformation was crucial for maintaining visibility and fostering trade relationships in an environment where physical gatherings were severely restricted.
Beyond digital promotion, the DITP has also been instrumental in instigating comprehensive support programs tailored for the multitude of Small and Medium-sized Enterprises (SMEs) and Micro, Small, and Medium-sized Enterprises (MSMEs) that form the backbone of the industry. Recognizing their critical contribution to both the economy and the sector’s unique craftsmanship, these programs are designed to provide essential resources and guidance. Such initiatives often include access to financial aid, business development training, market entry strategies, and technological upgrades, all vital for ensuring the continued viability and growth of these crucial enterprises in a highly competitive global market, thereby safeguarding traditional skills and fostering innovation.
Ms. Nakamano further articulated Thailand’s ambitious vision, stating, “We have robust marketing programs and several targeted training initiatives designed to solidify Thailand’s position as a preeminent regional hub in the gems and jewelry sector.” This strategic aspiration is built on a foundation of centuries-old craftsmanship, a skilled workforce, and a supportive ecosystem. Becoming a regional hub entails not just being a manufacturing base, but also a center for design innovation, quality assurance, international trade, and educational excellence within the industry. These programs aim to elevate the expertise of Thai artisans and entrepreneurs, fostering a culture of innovation and excellence that attracts global attention and investment, positioning Thailand as a key player in the Asian and global jewelry landscape.
With this innovative spirit, Thailand was poised to proceed confidently with the new, reimagined version of the Bangkok Gems & Jewelry Fair (BGJF) 2020. This upcoming BGJF, explicitly designed to embrace the ‘New Normal’ era, was set to redefine the experience of a jewelry trade fair, becoming an event “like never before.” Positioned as the most comprehensive online jewelry trade fair in ASEAN, it promised unparalleled accessibility and engagement for participants globally. Adopting the compelling theme, “Thailand’s Magic Hands,” the BGJF would proudly shine a spotlight on the exceptional skills and intricate artistry of Thailand’s master gems and jewelry craftspeople. A particular focus would be placed on the vibrant array of colored gemstones, exquisite precious and semi-precious stones, and the elegant artistry of silver jewelry, celebrating the rich heritage and contemporary brilliance of Thai craftsmanship to a worldwide audience, fostering connections and driving trade through innovative digital platforms.
Delving into the specifics of bilateral trade relations between India and Thailand, Ms. Nakamano expressed a profound belief that there remained significant untapped potential for deeper and more extensive cooperation between the two nations. She highlighted areas such as collaborative design development, sharing of advanced manufacturing technologies, mutual market access for specialized products, and joint marketing initiatives that could mutually benefit both industries. This collaborative spirit could lead to the creation of unique product lines that blend Indian design sensibilities with Thai craftsmanship, catering to diverse global consumer preferences and expanding market reach for both countries.
Sanjay Kothari, a highly respected figure as the Ex-Chairman of the Gem and Jewellery Export Promotion Council of India (GJEPC) and Chairman of the Gem and Jewellery Skill Council of India (GJSCI), provided a candid assessment of the Indian market. He noted that the size of India’s gems and jewelry exports had contracted significantly, primarily due to the prevailing global economic uncertainties and the pandemic’s impact, stabilizing around US$18-20 billion. Concurrently, the country’s vast domestic gems and jewelry market was also currently valued at approximately US$20 billion, highlighting its considerable internal strength. Mr. Kothari underscored the immense benefits derived from the India Jewellery Excellence Symposium (IJES) initiative, a platform designed to foster innovation and elevate industry standards. He strongly advocated for Thailand’s active participation in this symposium, recognizing the mutual learning and growth opportunities it would present, further cementing bilateral industry collaboration.
Adding an essential perspective from the diamond sector, Mehul Shah, the distinguished Vice President of the Bharat Diamond Bourse (BDB), elaborated on the inherent stability and robust infrastructure of the BDB, a cornerstone of the global diamond trade. He further emphasized the overarching influence of the World Federation of Diamond Bourses (WFDB), identifying it as the largest and most authoritative diamond body worldwide, boasting a network of 30 member bourses across the globe. Mr. Shah provided crucial insights into the impact of India’s nationwide lockdown, which had led to a temporary halt in diamond manufacturing activities over the preceding months. He astutely observed that this period of reduced production, coupled with anticipated recovery in demand, presented a strategic window, making it an opportune moment for potential investors to consider investment in diamonds, anticipating a positive market correction once global economies stabilized and consumer confidence returned.
Phuket Khunaprapakorn, the esteemed Managing Director of Gemburi, offered heartfelt praise for the Thai government’s decisive and comprehensive support extended to the nation’s gems and jewelry industry throughout the challenging period. He detailed the critical forms of assistance, which included providing accessible soft loans to alleviate financial strain, offering technical facilities to upgrade manufacturing capabilities, and implementing worker support programs to safeguard employment and skills. Mr. Khunaprapakorn highlighted the remarkable resilience of the Thai industry by noting that the Chanthaburi gems market, a vibrant hub, was among the very first to successfully re-open its doors in the post-COVID-19 landscape. Demonstrating a swift recovery, the market had rebounded impressively to 80% of its pre-coronavirus operational levels, and expresssed keen anticipation for resuming shipments of high-quality Thai gems to the crucial Indian market, signaling renewed trade confidence.
Mithun Sancheti, the innovative CEO of Caratlane, provided a forward-looking perspective on evolving consumer behavior within the jewelry industry. He underscored the accelerating trend of consumers increasingly turning to online platforms for their jewelry purchases, a shift significantly amplified by the pandemic. Mr. Sancheti articulated that the primary strategic imperative for businesses now was to refine their approach to effectively “reach the right consumer” in this digital-first landscape. This involves sophisticated data analytics, personalized marketing campaigns, building trust through transparent online experiences, and ensuring seamless e-commerce operations. His insights highlighted the necessity for brands to adapt their strategies to meet customers where they are – online – thereby capitalizing on the vast potential of digital retail and ensuring relevance in a rapidly transforming market.
In a resounding consensus, all speakers participating in the webinar firmly agreed that a future characterized by enhanced and closer collaboration between India and Thailand held the transformative potential to reshape the entire global trade scenario for the gems and jewelry sector. This shared vision emphasized that by pooling resources, expertise, and market access, both nations could jointly foster innovation, set new industry benchmarks, and navigate future challenges more effectively. The synergistic partnership envisioned would not only strengthen their respective economies but also solidify Asia’s dominant position in the international jewelry market, driving sustainable growth and creating new opportunities for all stakeholders involved.
The Bangkok Gems & Jewelry Fair (BGJF), in its innovative new format, continues to stand as one of the most acclaimed and globally recognized trade shows in the world. It serves as an indispensable platform, offering comprehensive 360-degree business opportunities across the entire spectrum of the precious jewelry industry. From raw materials and manufacturing to design, retail, and technology, the BGJF connects suppliers, buyers, and innovators, facilitating critical trade relationships and driving the future of the global gems and jewelry market with renewed vigor and digital accessibility.