FRIDAY, March 01, 2024
nationthailand

Super-rich in focus at gem, jewellery fair

Super-rich in focus at gem, jewellery fair

WITH THE NUMBER of “super-rich” individuals in emerging markets continuing to rise, the International Trade Promotion Department aims to attract more visitors in the category from around the world to next month’s “59th Bangkok Gems and Jewellery Fair”.

The super-rich are one of the main targets in terms of foreign visitors to this year’s event, as they have high purchasing power and will create greater business opportunities for Thai jewellery enterprises, Chantira Jimreivat Vivatrat, inspector-general at the Commerce Ministry, said yesterday.
While the super-rich make up less than 10 per cent of the global population, they account for an estimated 40 to 50 per cent of worldwide purchasing power. 
“We are targeting super-rich people from the Middle East, China, India, the US and Asean countries such as Cambodia, which has very strong purchasing power for gems, gold, jewellery and ornaments,” she said.
Thai gem and jewellery shipments to Cambodia accounted for 8.13 per cent of the Kingdom’s total export value of the products last year, demonstrating that there is high demand for such items amid the country’s emerging growth, she added. 
Cambodia is Thailand’s seventh-largest export market for gems and jewellery, after Switzerland, Hong Kong, the United States, Singapore, Australia and Germany.
In greatest demand among super-wealthy Cambodians are diamonds, pearls and precious stones.
To attract foreigners in this wealth category to buy more gems and jewellery from Thailand, the “59th Bangkok Gems and Jewellery Fair” – to be held at Impact Muang Thong Thani’s Challenger Hall from February 22 to 26 – will also highlight other |luxury goods and services, Chantira said. 
For example, one of the six key themes at the event will be gems and ornaments for Indian and Middle Eastern-style wedding ceremonies.
She said that as gems and jewellery were highly favoured by Indian billionaires, and their wedding ceremonies were in effect a showcase for luxurious and ornamental items, the Indian super-rich were one of the ministry’s main target groups for attending this year’s exhibition.
Moreover, many Indian couples nowadays choose to hold their wedding ceremonies in Thailand, presenting a growing opportunity for not only the MICE (meetings, incentives, conventions and exhibitions) industry, but also for the Thai gems and jewellery sector, she said.
The wedding industry in India is worth Bt519 billion, with growth of about 25-30 per cent a year, the official said, adding that each couple would normally spend between Bt5 million and Bt20 million on organising a wedding. 
Moreover, Thailand has this year invited a princess from Dubai to attend the fair.
The event forms part of efforts to make the Kingdom an international destination for gems and jewellery manufacturing and trade, Chantira said. 
This year, about 2,500 exhibitors will showcase their products, while more than 20,000 visitors are expected, generating sales of more than Bt17 billion during the five-day event. 
 

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