Future shines bright for Thai jewellery sector through new MoU with Shenzhen
After a long hiatus due to the pandemic, Thailand’s jewellery makers can now return to China and make the most of the opportunities offered by a new memorandum of understanding (MoU).
The Asean Gems and Jewellery Association (AGJA) signed an MoU with the Jewellery Museum of Shenzhen on Thursday at the “China-Thailand Modern Fashion (Gold and Jewellery Cooperation” meeting in Bangkok.
Present at the event were top executives from leading organisations of both countries, including Yang Qing, first secretary at the Chinese embassy; Zuo Jinping, executive deputy head of Shenzhen’s Luohu district; Sitthichai Parinyanusorn, deputy director of the Gem and Jewellery Institute of Thailand (GIT); and Boonlert Siripatvanich, advisory chairman of the Thai Goldsmith Association.
The pact aims to drive the gems and jewellery industries in both countries, as well as foster cooperation, tighten ties and boost trade, a Facebook post from AGJA said.
Suttipong Damrongsakul, president of the Thai Gem and Jewellery Traders Association, said he strongly believes all sides will benefit from this collaboration as most economies are in recovery mode.
Meanwhile, Zuo Jinping said Thailand has been trading with Luohu – a major diamond producer – for a while now, and with this link, both countries can work more effectively together.
“The era of rejuvenation has arrived and the door for Thais to invest in China has opened,” he added.
According to Luohu's Bureau of Industry and Information Technology, Shenzhen has developed 10 projects to stimulate growth in the sector.
The projects are:
• Industrial chain replenishment and extension
• Gold finance innovation
• Design creativity promotion
• Intelligent manufacturing
• Brand promotion
• Consumption expansion
• Talent cultivation
• Intellectual property rights protection and standardisation
• Internationalisation
• Environmental enhancement
Liw Chen, an official from Luohu’s Bureau of Industry and Information Technology, also believes the collaboration will be successful.
“We are working together to help Thailand break into the Chinese gems market,” he added.
Meanwhile, Sitthichai said Thailand’s gems and jewellery industry earns more than US$3 billion per year from export and local consumption.
This accounts for about 2% of the country’s gross domestic product (GDP). He pointed out that the industry has also created more than 750,000 jobs in Thailand.
Meanwhile, Shenzhen’s Luohu district is considered China’s jewellery hub, packed with local and international brands, many of whom plan to expand their investment this year.
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