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HONG KONG, Sept 13, 2018 - (ACN Newswire) - According to the Census & Statistics Department, the value of total retail sales in July 2018 rose by 7.8 percent over the same period last year to 38.9 billion Hong Kong dollars (4.99 billion U.S. dollars). The value of sales of jewellery, watches and clocks and valuable gifts increased the most by 16.8 percent.
Apart from local consumers, Hong Kong's jewellery segment is heavily dependent on sales to tourists. The inflow of Mainland tourists are expected to grow under new infrastructure developments such as the Hong Kong-Zhuhai Macau Bridge and high-speed link. The opening of shopping malls in these areas along with convenience connection for travelling to Hong Kong will certainly accelerate the jewellery industry in Hong Kong.
In terms of trade as of January - July 2018, Hong Kong imports USD 40,589 Millions value of jewellery products (HS 71 ; Share 11.4%) from the world, which is the 3rd largest imported commodity followed by electrical (HS 85 ; Share 51.3%) and machinery (HS 84 ; Share 11.6%). The top five imported categories include: gold (41.1%), diamonds (30.6%), diamond mounted articles with precious metal (17.2%), platinum (4.6%), and rough stones (1.8%).
In the first seven months this year, Hong Kong had imported USD 330 Millions Thai jewellery, taking up around 7% of the total import from Thailand. For rough stone's supply (HS 7103 such as Rubies, Sapphires, Emeralds and Jade, etc.), the recent dominator is India (19.6%), while Thailand is ranking on the 2nd, taking up 16.5% of total supply to Hong Kong.
THE KEY EXPORT DRIVER OF THAILAND
The Thai gems and jewellery segment is not only engaged with the country's economy, it is also in relevant to trade, tourism, employment and creative economy, etc.
Thailand is gifted with rich natural resources and high expertise in cutting, design and exquisite craftsmanship of the industry. In 2017, the gems and jewellery segment was ranked 3rd exporting industry in Thailand. As of January - June of 2018, exports of gems and jewelry had increased by 7.5% compared to the same period last year.
THAI TAX EXEMPTION PRIVILEDGES TO INDUSTRY PLAYERS
In order to showcase the potential of gems & jewellery industry of Thailand, the Royal Thai Government had applied relevant measures to ensure the blossom of this segment, aiming to position the country to become "the World's Jewellery Hub".
One of the key policies is Tax Waiver and Duty Exemption. Gems and jewellery businesses are now exempt from the payment of import duty and VAT on a range of raw materials. Import tariffs on finished products have also been reduced from 20% to now 10%. To promote Thai SMEs to expand their businesses, they may also enjoy reductions in corporate tax and low-interest government loans, etc.
On top of that, to encourage participation of Bangkok Gems & Jewelry Fair (BGJF), the one and only Government-oriented jewellery exhibition in Thailand, import duty will be exempted and participants will receive VAT exemption until the jewellery goods are sold on-site.
THE ORGANIZER ENSURES MAXIMUM SECURITY OF BGJF
The Department of International Trade Promotion, Ministry of Commerce of the Royal Thai Government (DITP), which is also the Organizer, had held a meeting with representatives from the police force including the Special Operations, Tourist Police, appointed security company and logistics providers in August 2018. It aims to re-assure the security protocol control on-site, allowing the best environment to facilitate participants from all across the world.
THE GLITTERING INDUSTRY EVENT - THE 63RD BANGKOK GEMS & JEWELRY FAIR (THE 63RD BGJF)
The previous edition of BGJF had attracted over 920 quality exhibitors showcasing in over 2,200 booths. Some of the major country's pavilions are from Hong Kong, Turkey, Singapore, Poland, India and ASEAN countries. Over 20,000 international buyers visited the Fair from 130 countries worldwide.
To continue the legend of success from past editions, The 63rd Bangkok Gems & Jewelry Fair 2019 will be held during 20-24 February 2019, at IMPACT Convention Center, Muang Thong Thani, Bangkok, Thailand.
Some key highlight of Special Zones and activities include: New Faces (showcasing products from over 120 SMEs worldwide), Innovation and Design Zone (displaying innovative techniques and products to inspire jewelry segment), Niche Showcase (featuring the latest trends for niche markets, in particular on five main areas, such as: Heritage & Craftsmanship, Beyond Jewelry, The Moment, Spiritual Power and Metro Men. On top of that, our Fashion Show each year will present the exquisite collections crafted with authentic Thai touches. For further details, please visit www.bkkgems.com
THAI TRADE CENTER HK WELCOMES HK & MACAU BUYERS AS TRADE MISSION
TTCHK, also known as the Office of Thai Trade Commissioner (Royal Thai Consulate General - Commercial Section) in Hong Kong is here to serve entrepreneurs in Hong Kong and Macau regions, aiming to enhance business opportunities and create win-win situation for all parties. We are one of the 62 branches worldwide, under the Department of International Promotion (DITP, The Organizer of BGJF), Ministry of Commerce of the Royal Thai Government.
In order to value each chance to meet with potential traders, TTCHK will be faciliting our TRADE MISSION (TM) via two platforms for the 63 edition BGJF in February 2019, offering exclusive benefits to registered Trade Mission members with complimentary lunch coupons, express registration TM counter and buyer's directory, etc.
(1) Come join us at Booth 3C346 (Hall 3), at Hong Kong Jewellery & Gem Fair during 14-18 September 2018 at Hong Kong Convention & Exhibition Centre
(2) Contact TTCHK via (Tel) + 852 2525 9716, (E) thaicomm@netvigator.com or follow our latest updates at our FACEBOOK PAGE: Thai Trade Center Hong Kong
We as the Organizer, shall evaluate from our previous experiences and carry BGJF onto the next level that can further fulfill international standards, allowing jewelry industry from worldwide to shine through this international stage.
Event
The 63rd Bangkok Gems & Jewelry Fair (The 63rd BGJF)
Venue
IMPACT Convention Center, Muang Thong Thani, Bangkok, Thailand (www.impact.go.th)
Fair Dates & Opening Hours
Trade Days: 20-22 Feb 19 10:00am - 6:00pm
Public Days: 23 Feb 19 10:00am - 6:30pm / 24 Feb 19 10:00am - 17:00pm
For visiting and media enquiries, please contact:
Thai Trade Center Hong Kong
(Address: 8 Cotton Tree Drive, 8th Floor Fairmont House, Central , HK
Tel: +852 2525 9716 Fax: +852 2868 4927 Email: thaicomm@netvigator.com)
For more information, visit www.thaitrade.com / www.bkkgems.com
Follow our updates at FACEBOOK: Thai Trade Center Hong Kong or
Download our mobile apps via Google Play Store: ThaiTrade.COM
Topic: Press release summary
Source: The 63rd Bangkok Gems & Jewelry Fair (BGJF)
Sectors: Trade Shows, Daily News
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From the Asia Corporate News Network
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