The Thai government will drop its 20 percent tax on imported gems and jewellery products at the 52nd Bangkok Gems and Jewellery Fair in September.
Announcing the drop, Somchai Phornchindarak, president of the Thai Gem and Jewellery Traders Association and chairman of the Gems, Jewellery and Precious Metal Confederation of Thailand, said foreign exhibitors will be allowed to bring in and sell gems and jewellery from other countries duty-free, while local exhibitors will be able to reduce their selling prices due to the lower cost of their imported parts and products.
“Thus, both local and foreign buyers at the fair can take advantage of 20 percent savings, giving them additional purchasing power at the Fair,” he said.
The tax concession will apply for 15 days before and after the Fair.
Suttipong Damrongsakul, CEO of the BGJF Organising Committee, said the move would help Thailand to become the “golden gateway to the gems and jewellery industry of the Association of South East Asian Nations (ASEAN)”.
He stressed however that the import duty-free incentive can only be availed of at the Bangkok Gems and Jewellery Fair by exhibitors endorsed by the TGJTA.
The Fair, which will be held at Bangkok’s IMPACT Exhibition and Convention Centre from September 6 to 10, is expected to draw tens of thousands of buyers from around the world.
Last February, the 51st Fair attracted over 30,000 visitors from more than 130 countries.The bi-annual event is regarded as the world’s fifth and Asia’s second largest trade show in the gems and jewellery market.
For more information visit www.bangkokgemsfair.com
* Pictured above is Somchai Phornchindarak, president of the Thai Gem and Jewellery Traders Association and chairman of the Gems, Jewellery and Precious Metal Confederation of Thailand, at the 51st Bangkok Gems and Jewellery Fair