Thai jewellers urged to explore US market

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Thai jewellers urged to explore US market

By The Nation

 

 

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

 

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.

 

Source: https://www.nationthailand.com/business/30380083

 

-- © Copyright The Nation Thailand 2020-01-03

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[khwaibah]

[Misterwhisper]

4 minutes ago, khwaibah said:

Yes, that will do. 

[bobbymack]

Good god, the Thais have suddenly discovered that they can make rings for an engagement and that they sell them in the US. How is this groundbreaking? It is something which the whole world has known for centuries. The Thais need to 'study this information' ???? 

[RichardColeman]

Better scrub off the 'Made in Iran' stamp first

[neeray]

In my opinion, "Made in Thailand" will probably go over much like a wet ---- (gas release).

Most western hemisphere people don't know Thailand from Taiwan or any other Asian country and would think of an engagement ring from an Asian country as cheap Chinese fakes.

As for the OP comments, I see it as just a "dream big" idea.

 

Note: I have imported a 40' container load of artisan wood products from Chiang Mai to Canada. I'm guessing that the reception expensive jewelry would receive would be a similar experience. Not good !

[spidermike007]

First of all, they will also need to inform the jewelers that they will need to be competitive. The diamond market is super competitive in the US. There are alot of very capable, and cunning diamond brokers, and some of them offer good value on investment grade diamonds, and other precious gems. I do not think I have ever seen a well priced diamond in Thailand. 

[Nyezhov]

I gave up on engagement rings after my first wife.

 

That being said,if you know what you are doing, you can get fabulous bargains on super high quality stones in Bangkok. Plus the workmaship (which is exquisite) is cheap.

 

The big problem that Thai jewelers would face is the sheer gaudiness of their designs LOL. 

[Christie Paul]

Thailand was one of the worlds top jewelry centres. In fierce competition with HK and one of the best attended and excellent annual shows in the world. Thai workmanship particularly in the area of "pave" is world class. It was the centre of gemstone dealing for centuries, with uncut stones coming from Burma and Africa. 

 

Sadly, immigration restrictions, all kinds of bureaucracy and regulations killed it. Now the famous Bangkok Gem and Jewelry show is as dead as a Dodo and the industry has almost fallen off the radar.  

[neeray]

13 minutes ago, Christie Paul said:

Sadly, immigration restrictions, all kinds of bureaucracy and regulations killed it.

Maybe this is what will be said about tourism a decade from now. Oh wait, some are already saying that about the tourism gem.

[Christie Paul]

37 minutes ago, neeray said:

Maybe this is what will be said about tourism a decade from now. Oh wait, some are already saying that about the tourism gem.

Around twenty years ago, I remember a brilliant Thai politician (forgot his name) who addressed parliament with a furious tirade against a group that wanted to clean up Tourism in Thailand, to get rid of the cheap charlies, the back packers and stiffen up immigration as part of a plan to focus on higher end visitors. 

 

He explained, that real long term tourism requires cultivating the lower end, especially the young back packers because this is their phase of their life in which fond memories are made and bonds where formed. They would come back he claimed and come back again and again, many would become affluent and bring their families and one day even retire here. 

 

Paliament was stunned. His production of numbers and projections and peerless explanations of how things actually work was incontrovertible. Thailand went on to enjoy amongst the highest return rates of any country anywhere, the average in certain sectors over 10 visits within a lifetime.

 

Unfortunate that people with his vision are no more influential and we are left with endless crackdowns, harsher immigration rules, stricter regulations and pathetic attempts to lure.

 

Like Malaysia, people will still come - but few will return.