Thailand Gears Up for Bangkok Gems Fair 2016
Bangkok, 3 February, 2016 – Preparations are well advanced for the 57th Bangkok Gems and Jewelry Fair (BGJF), Asia’s second largest gems and jewelry trade show – and the fifth largest globally. Scheduled to be held at Bangkok’s IMPACT Exhibition and Convention Center from 24-28 February, 2016, the fair event is set to distinguish Thailand as the golden gateway to ASEAN.
Mrs. Chantira Jimreivat Vivatrat, Deputy Director-General of the Department of Trade and Promotion (DITP) said the Royal Thai Government recognised the great potential of Thai gem and jewelry industry and had introduced various measures and incentives to facilitate trading.
“One such measure has been the lifting of the 20 per cent tax on imported gems and jewelry sold at the 57th BGJF. Foreign exhibitors can import and sell gems and jewelry from other countries duty-free, while local exhibitors can reduce their prices through reduced imported costs,” she said.
Mr. Somchai Phornchindarak, Chairman of the Gems, Jewelry and Precious Metal Confederation of Thailand lauded the move as part of the Thai government’s ongoing support of the industry. “The government has been with us every step of the way, helping to promote exports as well as developing overseas markets via trade fairs, road shows and exceptional exhibitions. All these changes predict a gleaming future for all.”
Mr. Suttipong Damrongsakul, President of the Thai Gem and Jewelry Traders Association (TGJTA) said the tax incentive would help propel Thailand to become the “golden gateway to the gems and jewelry industry of ASEAN – a region burgeoning with a 600 million population.”
However, the import duty-free incentive is only for exhibitors endorsed by TGJTA, non-endorsed vendors will still pay the standard 20 per cent import tax. Moreover, while the seven per cent VAT still applies to all exhibitors, local and foreign. However, another government concession is the Zero VAT privilege, where buyers of rough gems and raw materials are exempted from paying the seven per cent tax.
The biannual BGJF attracts tens of thousands of buyers from all around the world, including the US, Europe, Russia, China, South America, ASEAN and the Middle East, as well as more than 30,000 visitors. The 57th BGJF is expected to provide 3,500 booths, up from 3,000 booths taken by over 1,500 exhibitors during the 56th edition. Organisers anticipate gross export revenues to top 400,000 million Baht or US$12.8 billion.
The 57th BGJF will feature a series of design pavilions including the DITP’s Thai Design Pavilion and one organised by Gemsfield UK that will showcase some of the finest jewelry from around the world. The event will also include trade promotion activities such as seminars, contests, trend updates and special offers.
This year BGJF will also have its own mobile application, which will enable buyers to connect with sellers, as well as providing a floor plan of all exhibitions. A shuttle service will be available to and from Bangkok’s five-star hotels to give added convenience to buyers and sellers alike.
Tight security measures have been put in place to ensure the safety of exhibitors, with over 500 security personnel and over 560 CCTV cameras at the fair.
For more information, visit: www.bangkokgemsfair.com