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ICA's President Outlines ASEAN Outlook at GIT 2012

Dec 18, 2012 3:57 AM   By ICA
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Press Release: Wilson Yuen, the president of ICA, talked about ASEAN regional market trends at the third International Gem & Jewelry Conference (GIT 2012) on December 12. He discussed each country’s strengths and weakness from the manufacturing, sales and exportation perspective.

“China and India remain  the largest consumer markets in terms of sales and exports. Thailand maintains its position as the top supplier. With respect to the competition from Sri Lanka and India, Thailand’s growing economic status could soon disqualify it for tax exemption when exporting gems to the U.S. market,” said Yuen.

He also indicated countries such as Vietnam and Laos will gradually develop their gemstone industry as they have rich resources and a low manufacturing cost. Indonesia and Brunei will continue to have a substantial development. The market of Myanmar will be expanding as economic sanctions are lifted. Singapore will be a strong competitor against Hong Kong in the high-end market.

In addition to the general market trend, Yuen also emphasized the recent developments from China and revealed that volume of the mid-range consumers is growing. This market segment demands designs that speak for their self-presentation.

The GIT 2012 conference was held on December 12 and 13, 2013. Six keynote speakers presented topics ranging from business practices, market creativity to the top 10 trends and colors. Twenty sessions with experts from the jewelry and gem industry were arranged for the afternoon hours with each taking up 20 minutes.

The full report of Yuen’s speech is available here.   

About ICA
The International Colored Gemstone Association (ICA), a non-profit organization, is the only worldwide body specifically created to benefit the global colored gemstone industry. ICA was founded in 1984 and is now comprised of almost 700 gemstone dealers, cutters, and miners from 47 countries who are devoted to advancing and promoting the knowledge and appreciation of colored gemstones and jewelry.

Rapaport News is not responsible for, and does not endorse, the content of any third party press release. This is not a Rapaport Press Release. It has been provided as additional information for our clients.
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