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Oberservation of Global gems and Jewellery Industry 2020

2020-11-09 Source:GDGJE

—— Special report of the International Jewellery & Diamond Conference 2020 Guangzhou
The International Jewellery & Diamond Conference 2020 Guangzhou jointly organized by Guangzhou Diamond Exchange and Guangdong Gems & Jade Exchange was held on October 29.

At the main forum, guest representatives from the International Colored Gemstone Association (ICA), the Thai Gem and Jewelry Traders Association (TGJTA), the Gem and Jewelry Institute of Thailand (GIT), the Sri Lanka Gem and Jewellery Association (SLGJA), the Colombian Emerald Exports Association (ACODES), the Myanmar Gems and Jewelry Entrepreneurs Association (MGJEA), the Gems & Jewellery Entrepreneurs Association of Sagaing Region in Myanmar, the World Federation of Diamond Bourses (WFDB), the Antwerp World Diamond Centre (AWDC), the Antwerp World Diamond Center and the Dubai Multi Commodities Centre (DMCC), analyzed the development and future trend of global color gemstone industry, jadeite industry and diamond industry, and brought international frontier industry trends and market information.

The Future of Colored Gemstone Industry

"We are very positive for the year 2021."
——Mr. Clement Sabbagh, President of the International Colored Gemstone Association (ICA)

1.Colored gemstones continue to excite the consumer. From its popularity on direct red carpet, to the auction houses, to the fashion industry, we see colored gemstones continuing to rise out. And with every changing season, with every changing of fashion,we work to continue this trend.

2.The world is getting smaller, with easier access to new sources.Market demand for supply chain transparency is increasing. With the consolidation of supply chain, many gem products supply eliminates intermediate links and directly from mine to market through retail, Internet and live broadcast, which is an important opportunity for the market.

3.The demand for various gem colors and top quality cutting products is continuous. Trade follows supply, promotion follows supply, and opportunities follow supply.

4.2020 has been a challenging year. The COVID-19 has affected the industry worldwide ever since. Travel restrictions were implemented. And all the main shows of the year were cancelled which pushed the industry to reinvent itself and come up with alternative ways to conduct business. A number of virtual shows, websites, and other online platforms were created in order to surpass he obstacles generated by the pandemic.

5.What to expect on 2021?
(1)We expect to be able to resume our gem business activities shortly after the vaccines are available and the travel bans are lifted.
(2)We expect trade shows to remain very important means of trade for our industry.
(3)Although consumers overall have held back on spending, we believe consumption will be reestablished once we are in a more stable and foreseeable horizon.
(4)We believe appreciation for colored gemstones and the consumption of jewelry will remain significantly special if led by meaningful experiences and purpose, like helping developing communities like mine tours, like a gift with emotion in situations.

“The trend is certainly coming toward colored gemstone.”
——Mr. Prida Tiasuwan, Vice President of Thai Gem and Jewelry Traders Association (TGJTA)

1.The new designers of jewelry are now concentrated more and more on colored gemstone. They have found that the colored gemstones are able to give them a lot of variety of dimensions that they can design and make the collection different from each othe.

2.The new designer jewelers are very popular in the west now, whether in Europe, whether in America. These are the growing business everywhere. People like to work direct with the designers because they feel that they can get something different, something that is not available here, there and everywhere. They can have the product that unique for themselves. So, this is a very good opportunity for colored stones that is now riding the trend of the new designers who are more and more focus on the colored gemstone.

“In these times of COVID-19 , the big challenge for us, is how to stay safe, while we have to hold on the business at the same time!”
——Mr. Sumed Prasongpongchai, Deputy Director of the Gem and Jewelry Institute of Thailand (GIT)

1.Happening in all regions and most industries, Thailand gems and jewelry export are decreasing 40% during the past 6 months. All markets are effected from the pandemic situation.

2.The COVID-19 causes businesses to speed up to adapt to online platform and e-Commerce. Online goes beyond time and distance limitation. In this circumstance, online channel is an alternative for gem and jewelry industry.

3.Buying gem and jewelry online, customers are not able to touch the products. Then, building trust and confidence among customers is our priority; giving enough and accurate information that facilitate their purchase decision. Online platform is one of the key channel for our industry that we have to pay more attention to it.

4.Moreover, sustainability, and integrity in conducting business are to important matters, sharing, and joining with others.

“China will remain one of the biggest markets for the gem and jewelry business in years to come.”
——Mr. Armil Sammoon, Executive Committee Member of the Sri Lanka Gem and Jewellery Association (SLGJA)

1.Our gem and jewelry industry has significantly grown in the last ten years between China and Sri Lanka, so I believe now is the right time to work more closely with each other for a win-win situation for all of us.

2.Sri Lanka remains a very strong supplier of sapphire and 60+ varieties of colored gemstones. We are one of the top countries in the world to cut, polish, and process these fine gemstones. We need to work together in joint ventures, and other collaboration to enable the growth of the industry. It will prove to be an exciting opportunity to explore in this brave new world.

“We gotta build more confidence all around and we hope soon be together and share more about emeralds and emeralds industry.”
——Mr. Guillermo Galvis, President of the Colombian Emerald Exports Association (ACODES)

1.All around the world, Mines are being stopping most countries like Zambia, Brazil, Ethiopia.. So now they stopped because of their health concerns.

2.In Colombia, we have not stopped emerald mines but we reduced the production. We have not stopped the trade but we are slowly down.

3.I feel in the next months, as some of shows will open again some of the trades will re-engage again.

4.But as far now the emerald production, we can say it is a balance production that we know over supply or on the supply market, we will have a good relation of prices that have been affected. You won't get any high prices because of lowest production. Also you don't get prices be destroyed in the embazement because of excessive production or over production.

The Future of Jadeite Industry

“Due to the demands of the world now, it is necessary to change the digital trading system from the traditional trade process.”
——Mr. U Ba Htay, Founding Member of Myanmar Gems and Jewelry Entrepreneurs Association (MGJEA)

1.Myanmar has instructed to digitally transform the gems trade sectors since 2016. Digital system is widely used in the domestic market. Mogok, Mandalay, Sagaing, Yangon and other places have achieved  jade and various types of gems digital trading locally. Mostly, ASEAN countries, India, Japan and China are now being traded with Myanmar gem market by digital system.

2.However, there have been many major challenges in digital trading. The problems of cybercrime, intellectual properties issues, leaks of trade secrets and unfair trade competition need to be solved urgently.

3.Myanmar still needs standardization of gems and jadeite jade that facilitate international trade in gems industry.
4.Financial policy, banking systems and guaranteed delivery of gems and jewelry are also being improved.

" China-Myanmar friendship, the generation of love ."
——Mr. David Luo, CEO of Gems & Jewelry Entrepreneurs Association of Sagaing Region in Myanmar

1.On October 1st ,2020, the Myanmar Central Government announced to the public that the administrative order to stop the export of jewelry by the relevant departments had come into effect.

2.In January 2020, the relevant departments of all gems and jewelry mining operations issued executive orders prohibiting mining.

3.On 21 September 2020, the Mandalay gems and Jewelry Industry Association also issued a notice that Mandalay gems and Jewelry Street and all jade companies, including the Jade Transport Company, will be closed until 21 April 2021 for a period of six months.

4.The latest jewelry policy units have been submitted to the Myanmar government for approval by Myanmar parliamentarians.

5.Mr.Lahpai Hkun Sa, president of Myanmar Gems and Jewelry Entrepreneurs Association: “Strengthen to promote the digital transformation and upgrading of the jewelry industry between the Myanmar and China, and look forward to the Chinese jewelry design and jewelry processing enterprises landing in Myanmar for joint development and cooperation.”

Diamond Industry

“China is an important diamond market in the world and an important element for the vitality and confidence of the world’s major diamond centers and performed excellently in market recovery. China applies digitalization to all fields, and has advanced e-commerce. WFDB will promote the cooperation between the Chinese diamond industry and the world diamond industry chain through its website and online trading platforms.”
——Mr. Yoram Dvash, President of the World Federation of Diamond Bourses (WFDB)

“China and Belgium are naturally partners in terms of diamond industry chain. AWDC encourages Belgian diamond dealers to discuss with their Chinese counterparts about how to keep up with the digital age, and foster bilateral cooperation in diamond trading.”
——Mr. Ari Epstein, CEO of the Antwerp World Diamond Centre (AWDC)

“Online diamond sales and automation technology brought efficiency improvements. Tracing technology and the development of laboratory grown diamonds (LGDs) provide new opportunities for the diamond industry.”
——Dr. Martin Leake, special advisor on precious stones of Dubai Multi Commodities Centre (DMCC)

Today's world is in a century of great change. The new world pattern is being formed, the new modernization model is recognized, the new industrial revolution is coming, and the new global governance model is emerging. In such an environment, the global gems and jewelry industry division of labor and trade pattern is undoubtedly speeding up remodeling. It will be the future trend to adapt to the new normal of social development and industry characteristics, make full use of technological innovation to realize the transformation and upgrading of industry and promote the extension of jewelry industry chain to the high end of value chain!

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