Who wouldn’t want to visit Thailand’s lovely tourism destinations? In Thailand’s beautiful cities, there are many wonderful things to see. But did you know that this location is also recognized for its extensive jewelry and gem collection? This is the reason why a multitude of varieties of gems and jewelry business in Thailand is mushrooming rapidly. Want to have a market share of the same? Read through this article to get a clear idea for the same.
Gems and Jewelry Business in Thailand: History & Market
This country’s wealth dates back to ancient times. It contains a large quantity of sapphire and ruby natural resources, according to history. Furthermore, the country’s trained and experienced craftsmen have a history of creating gorgeous pieces of jewelry that impress end-users.
Thailand has a large number of manufacturing facilities, many of which are located in tax-free zones. Foreign investors can take advantage of readily available raw materials, robust infrastructure, and a qualified workforce. Additionally, the workforce includes highly efficient craftsmen in this zone.
You can start a gems and jewelry business in Thailand based on your existing talents and hobbies. Additionally, you can work with silver and other semi-precious stones. The good news is that, in comparison to other nations, raw materials for the jewelry industry are substantially cheaper here. Furthermore, the workforce is more accessible. As a result, leading your new business in this possible market becomes more convenient.
Current Thai Gems and Jewelry International Market Status
Thailand has built a strong reputation in the ASEAN region in recent years. Additionally, it is bolstering its position with important gemstone, diamond, and jewelry hubs. Customers may expect top-notch service from the local business owners. As a foreign investor, you can also register a corporation in Thailand to manage your jewelry business. You can get legal help from reputed law firms in Thailand, which are always happy to encourage the development of new businesses in the country.
Important Points to start Gems and Jewelry Business in Thailand
Thailand’s competitive dynamics are considerable due to the country’s enormous potential in the jewelry industry. But still, you can find ways to appeal to a broader audience both within the country and outside. Furthermore, with excellent designs, low labor expenses, and exquisite craftsmanship, the company can expand even further. To service a bigger audience, you can construct a large manufacturing center in one of Thailand’s major cities. Additionally, you can set up a few modest branches in other parts of the country. Remember to create a website to showcase your business online so that potential customers may easily find you.
Note that, you must display the most recent gem and jewelry pieces on your website. Additionally, put along with some advertising content to drive more visitors to your platform. You may also need to engage local experienced personnel who can work on the production process with greater design precision.
Many overseas investors prefer to offer custom jewelry production services. The objective is to develop some high-end items while focusing on craftsmanship. You can inquire about your customers’ favorite designs and make a gorgeous piece of jewelry to meet their individual requirements. This type of service might put your company ahead of the competition in the industry.
Some shoppers may be surprised to learn that Thailand produces a significant amount of the jewelry seen in various nations. These nations include the United States, the European Union, Hong Kong, the Middle East, and Japan.
Current Thai Market Statistics for Gems and Jewelry Business
Gem and jewelry goods have remained Thailand’s third most important export product, after autos and computers, for almost a decade.
Thailand’s gem and jewelry products had the greatest export value in the first half of 2020, at $10,077.60 million USD. Thailand is also the world’s third largest supplier of colored stones. Moreover, it is successful in maintaining its position as the world’s top exporter of silver jewelry.
Thailand has an advantage in colored stone enhancement. It is because of its native understanding of heat treatment, superior polishing skills, and fine jewelry artistry. Automated machinery or advanced technologies cannot replace the workmanship.
Different enhancing processes result in various gem quality levels. Authentic gemstones, such as Burmese ruby, Sri Lankan blue sapphire, and Colombian emerald, are more expensive than imitations. These aspects are linked to the gemstone’s price. As a result, detailed product information assists customers in selecting products that are worth their money.
Younger generations, such as the Millennials, value environmental stewardship. Moreover, they also value transparency and ethics in business practices like ethical mining and conflict-free diamonds. Therefore, the jewelry manufacturers achieve appeal among this set of customers. They do so by saying that their products are manufactured with a strong sense of ethics, traceability, and transparency. Moreover, this trend appears to have fueled the expansion of the lab-grown and synthetic gemstone market. Additionally, this touts its ethical and environmentally beneficial credentials.
The Bottomline
You must maintain the competitiveness of the gem and jewelry industry and keep businesses in Thailand for the long run. To do so, you must increase buyer and consumer confidence in product quality. Additionally, you must operate your businesses ethically and sustainably, with societal and environmental responsibilities.
To be successful in starting your gems and jewelry business in Thailand, you need reliable and best legal support. However, this factor is more important for foreign investors. Mail us at [email protected] to book your free round of consultation with our business advisors and corporate specialists.
