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Commodities
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2007-02-04 21:34:29-05
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Precious stone, jewelry trade expected to be stable
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BANGKOK, Feb 5 - The precious stone and ornament business this year is expected to stay still or expand slightly, similarly to its performance last year, according to the Kasikorn Research Centre. KRC said the local and export-oriented precious stone and jewelry market is projected to grow at a rate close to that of last year. As for the local market, the genuine precious stone and ornament industry growth is likely to depend mainly on gold prices and local consumer confidence. For the artificially coloured stones and ornaments industry, varied kinds of products, designs, and prices should be given priority to satisfy consumer needs. KRC projected the precious stone and ornament export this year would expand almost 10 per cent, with a value of at least Bt150 million partly because many entrepreneurs had stepped up efforts to penetrate new markets such as China, India, South Asia, Latin America, and Africa. The continued exports stem partly from the fact that Thailand's production and gem-cutting skills had been internationally recognised. However, in KRC's view, Thai exporters will experience stiff competition from key rivals such as China and India, and many risk factors --including baht fluctuation, heft global prices, and gold price volatility. KRC forecast the precious stone import would also increase because the baht is expected to strengthen, which meant prices of import products would be lower. (TNA)
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