Wilson Yuen, president of ICA, talked about the ASEAN countries’ market trend at the 3rdInternational Gem and Jewelry Conference( GIT 2012) on December 12. He discussed each country’s strengths and weakness from the manufacturing, sales and exportation perspective.

“China and India remain as the largest consumer markets in terms of sales and export. Thailand maintains its position as the top supplier. With respects to the competition from Sri Lanka and India, Thailand’s growing economic status could soon disqualify it for tax exemption when exporting gems to the US market,” said Yuen.

He also indicated countries like Vietnam, Lao, Indonesia, Brunei will gradually develop their gemstone industry as they have rich resources and low manufacturing cost. The market of Myanmar will be expanding with the economic sanctions lifted. Singapore will be a strong competitor against Hong Kong in the high end market.

In addition to the general market trend, Yuen also emphasized on the recent development of the China market and revealed that volume of the mid-range consumers is growing. This market segment demands designs that speak for their self-presentation.

The GIT 2012 conference was held on December 12 and 13, 2013. Six keynote speakers presented topics ranging from business practices, market creativity to top ten trends and colors. 20 sessions with experts from the jewelry and gem industry were arranged in the afternoons with each taking up 20 minutes.

ICA president Wilson Yuen spoke about the ASEAN countries' market trend at GIT 2012 conference. All photo courtesy of GIT.

ICA president Wilson Yuen (second right) with GIT board members and other keynote speakers at GIT 2012 conference.