Over the last few years, more and more people are affording themselves to buy a nice set of certified diamonds especially for their respective spouses. In fact, in Thailand for example, you can now buy a diamond ring for as low as 9,192 Thai Baht and mind you, that ring has 0.03 Diamond Carats- which can be perfect as an engagement ring or even, as wedding rings. And over the recent years, the export jewellery industry in Thailand has been one of the most active among all of the industries in the kingdom when it comes to total export value. In fact, the industry has been able to generate 435 billion Thai Baht worth of exports during the 10-month period between January and October of 2016.
The industry of jewellery in Thailand has never been this active. Aside from providing one of the highest contributions in terms of export value to the Thai economy, the industry has been able to generate employment for more than 900,000 people in the kingdom. And according to finance officials in the kingdom, this is a perfect opportunity for them to push through with plans that will make Thailand, the “World’s Jewellery Hub” and below are some of these suggested measures which if approved, will furthermore boost the popularity of jewelleries in Thailand, most especially certified diamonds:
- The government of Thailand is considering giving tax incentives to the industry of jewellery in the kingdom such as the exemption to paying import duties on raw materials that are needed to produce jewelleries. Also, there’s a suggestion to remove the value added taxes that are charged for raw materials and semi-finished goods.
- Also, the Thai government have measures which if approved, can be helpful in boosting the competitiveness of the industry. Some of these measures include allowing businesses in the industry to double offset costs of salaries and wages for their skilled workers. Another measure included is the furthermore enhancement of labour skills of skilled workers for them to be able to develop and transfer know-how concerning production procedures and technology from large scale operators overseas.