Jewellery | Who's Who Briefing

• Production of jewellery came down drastically as a result of the Asian financial crisis from levels of around 80 tonnes (2.57 million oz) prior to 1997 down to 30 tonnes (0.99 m oz) in 1998. By 2001, production was back up to 75 tonnes (2.41 m oz). However, the rapid development of China as a manufacturing base has taken some work away from Thailand.

The oldest gold shop in Bangkok, Tang Toh Kang,
first opened in the 1880's (Credit: Timothy Green)

• There are about 300 factories producing gold jewellery (and silver), of which 200 are in Bangkok, predominantly engaged in low cost/high labour intensive output. Thailand boasts a handful of very large jewellery factories. There are approximately 20 big wholesalers in Bangkok supplying jewellery to all parts of the country. Many foreign manufacturers have set up in Thailand thanks to the favourable tax environment and incentives.
  
  
• Exports of Thai jewellery account for approximately one third of production and main markets are US, Germany, Japan and UK. All caratage is made for export. For exporters, there is exemption or reduction of import duties and value-added tax on raw materials.
  
  
• There have been numerous changes to the import and export tax regime in Thailand over the past few years. Some of the biggest changes occurred in September of 2000. Firstly, the 7% value-added tax on gold products was altered so as to apply only to workmanship, and secondly, the import duty on imported unprocessed gold bars was eliminated.