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business

Thai jewellers urged to explore US market


The Department of International Trade Promotion (DITP) has urged Thai exporters to cash in on the demand for engagement rings in the US.

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The department's suggestion follows a survey that found young couples who are going to be married still preferring rings. 

The department urged entrepreneurs to study the market and make products to meet the needs in order to boost exports.

The department's director-general, Somdet Susomboon, said that he had received a report on the market for engagement jewellery in the United States from the Office of International Trade Promotion in Chicago, United States. The report pointed to the demand for gems and jewellery for married couples, which is useful information for Thai manufacturers and exporters in product planning to penetrate this consumer market, especially "engagement rings" that still have high demanded. 

Usasri Kheorayab, director of the Thai Trade Centre in Chicago, added that the survey results showed more than 70 per cent of the fiances surveyed said they had to see the actual ring before buying, and 4 out of 10 people would buy an engagement ring 1-2 months before the day of the actual engagement. Diamond rings were the most popular, preferred by 86 per cent, followed by other types of gemstones such as Moissanite, Sapphire and Morganite (10 per cent), coloured diamonds (3 per cent), while1 per cent did not want any precious stones. 

The metal choices were: white gold (54 per cent), pink gold (14 per cent), platinum (13 per cent), gold (13 per cent), and silver (7 per cent). The most popular gemstones patterns are: circular (47 per cent), princess patterns (14 per cent), oval patterns (14 per cent), square shape rounded edge (9 per cent), and 5 per cent prefer teardrop shape.

About 50 per cent of engagement ring sizes will be around 1-2 carats. 

The average price of an engagement ring in 2019 was on average US$5,900, but 7 out of 10 fiancés will spend between $1,000-$4,000 on their engagement rings because they want to stay within their budget. The average price of engagement rings divided by different regions of the United States were: the mid-Atlantic region $7,500, New England area $6,900, Southwest region $5,600, West region $5,500, Southeast region $5,400 and In the middle of the country, $5,300. 

"I want to ask the gems and jewellery entrepreneurs to study this information and use it in planning the production of engagement rings to meet the needs of young women in the United States, which will not only increase the opportunity to export to the US market but will help export gems and jewellery penetrating the United States market as a whole as well as increase exports," Usasri said.

Published : January 03, 2020

By : The Nation