Gems fair participants unfazed by turmoil
Written by changthai11 on Sunday, September 14th, 2008
Gems fair participants unfazed by turmoil
By Nitida Asawanipont
The Nation
Organisers expect Bt20 billion of business from show
The political turmoil does not seem to be worrying international exhibitors and buyers at the 42nd Bangkok Gems and Jewellery Fair 2008, which expects to see more than Bt20 billion worth of cash circulate.
The trade fair started yesterday at Impact Muang Thong Thani and runs until Monday.
Arranged by the Thai Gem and Jewellery Traders Association and the Department of Export Promotion, the expo is seeing large numbers of international buyers and exhibitors busily exploring jewellery showcases and talking to exhibitors.
International booths have enjoyed more visitors than have local booths, particularly ones belonging to companies from Singapore, the US, India and Hong Kong.
The association earlier attempted to instil confidence by sending letters around the world assuring participants of their safety, saying the event location and hotels to be used were very far from the protest site.
“Many international visitors who first decided not to join the event have changed their minds, including a daughter of the president of Madagascar,” said association president Vichai Assarasakorn.
He estimates the expo will result in no less than 1,000 business-matching appointments generating Bt20 billion worth of orders.
Simon Ghassabian of DSL Pearl in New York, an importer of cultured and South Sea pearls, is attending the event as an exhibitor for the first time. He said he was not worried about the instability in Thailand and hoped it would not keep visitors away from the fair.
Ghassabian has visited the event before as a buyer and thinks it will facilitate his company’s expansion into more international markets.
Two other buyers - Avedis Sempat Koumrouyan, an importer and exporter of precious and semi-precious stones, and Scott Pickering of Artistic Expressions - are also not worried about Thailand’s political problems.
“I’d heard about the problems, so I called my friends here to check on the situation, and they confirmed everything was okay, that the fair was far from any demonstrations. I’ve not encountered any trouble here so far,” Avedis said.
Nevertheless, some exhibitors are worried the turmoil may affect confidence among potential buyers. Kavin Nithassanajarakul, a partner in Thai-Mexican precious-stone manufacturer Siam Stone Story, expects fewer visitors than usual to the event.
Therefore, the company expects revenue of only US$10,000 (Bt347,000) from the trade fair, including business orders and individual sales, half of the usual $20,000.
However, buyers and visitors agree that the look of the fair and variety of items showcased have progressed in recent years.
Thailand has become the fourth-largest jewellery exporter in the world for both finished products and raw materials.
Vichai said the Thai Gem and Jewellery Traders Association expected industry exports to be worth Bt220 billion this year, up 20 per cent. The industry already generated Bt130 billion worth of exports in the first seven months.
He said Bangkok’s state of emergency did not affect export value.
“The global economic situation has had a greater effect than our domestic political problems,” he said.
The US remains a major export market, although its proportion has decreased from 40 per cent to 20 per cent. New markets like India, China, Russia and the Middle East have become more prominent, with exports to them doubling each year. New markets now contribute 15 per cent of export revenue.
