Thailand targets to become “global jewelry hub”

BANGKOK, December 19 (TNA) - Thailand has now established its own “Jewelry and Gems Trade Confederation”, as major industry players venture to create a world-class outlet of the precious ornaments. A signing ceremony for the establishment was held on Monday in Bangkok, chaired by Thai Minister of Commerce Siriwat Kajonprasat. The confederation brings together 7 major industry players of Thailand’s jewelry and gems sector, with an aim of creating more business opportunities, and a platform for the members to raise recommendations for free market promotion, to prepare for the formation of ASEAN community in 2015. President of the Confederation, Somchai Pornjindarak said the establishment will become the centrepiece to strengthen Thailand’s jewelry and gems sector, and will help propel Thailand into becoming the world’s jewelry and gems centre. Also chairman of Thailand’s jewelry and gems traders association, Somchai admitted however Thailand’s flood crisis has left many businesses distraught, besides the effect from the global economic downturn. However, Somchai said he was confident Thailand’s exports of jewelry and gems this year will exceed 12,500 million U.S. dollars, or rise by at least 7 percent. This was forecast to increase up to 10 percent, worth a combined value of some 13,750 million U.S. dollars. (TNA)