The newly elected executive board of Thai Gem and Jewelry Traders Association unveiled a roadmap for sustainable growth of Thailand’s jewel industry, the organization said in a statement. The three-tier approach revealed by the TGJTA’s new management is designed to address the impediment issues involving tax and industry funding, and finding new overseas markets. It includes:
The new board, led by veteran Vichai Assarasakorn, will vigorously seek a government approval to promote Thailand to be a free-port for the gem and jewelry industry. The waiver will allow a free flow of needed raw materials, both in volume and variety, into the kingdom. “We are strongly advocating the removal of VAT to allow Thailand to become a free port for industrial goods like Hong Kong,” Assarasakorn said.
TGJTA seeks blessing from the government to come up with a policy to support lending to local small and medium enterprises, which are mostly involved in manufacturing. “There are about 900,000 SMEs and craftsmen spreading in 25 provinces and about 70% of which are in up-country. Unfortunately, these people are often denied the access to capital needed to run their operation simply there is no clear lending policy and procedure for gem industry in place,” TGJTA said.
New Market Frontier
TGJTA’s new management said it is determined to include China, India, the Middle East, Russia, and the Commonwealth of Independent States in Thailand’s list of new major export outlets. This priority list will form a key part of the sustainable growth plan for gems and jewelry industry which TGJTA is preparing to submit to the new government, which will be installed after Dec. 23 election, to constitute a national economic agenda.