Myanmar’s jewellery industry starts shining

Reading Time: 2 minutes

Yangon jewelleryIn concert with increasing international demand, Myanmar has been striving for decades to expand its gems market, introducing several domestic gems emporiums as well as joining international shows. Now the wind has changed and the local industry showed the need of creating a strong domestic finished gems production. As a result, the first International Jewellery Expo arrived to Myanmar growing its importance in the global jewellery market.

The international demand for gems and jewellery continues to grow despite the downturn in developed countries, and mid-range consumers increasingly purchase medium-priced products from newly growing hubs while traditional producers face the challenges of global competitiveness.

In this busy market, Myanmar’s main international approach has been, during the last decade, to attend gems fairs in China, Thailand, Sri Lanka, Singapore and Hong Kong to show the country’s quality jade, ruby, sapphire and pearl, as well as to attract foreign traders to the sector. Thanks to these efforts, the local industry has slowly caught international attention, at the same time showing the need to create new manufacturing centers to boost the local raw production, to start exporting finished products and to increase the promotion of the Made in Myanmar jewellery output.

As a result of this new approach to incorporate local producers in the global market, the industry has organised the first Jewellery Expo in Myanmar in early May 2013. The fair showcased jewellery and gems from about 20 Myanmar companies as well as more than 20 international firms keen to tap the jewellery markets in Yangon, Mandalay and Naypyitaw.  At the same time, the Myanmar government, which is also engaged in this business, is moving to create tax-free zones and one-stop services centers to process raw gems and to export finished tax-free products.

Historically, Myanmar’s jewellery industry has been challenged  by Thailand, which is considered a gemstones sourcing country and the world’s most important manufacturing hub, as well as by Singapore and Hong Kong that both host high-profile gemstone and jewellery fairs. In addition to that, the growing economies of Malaysia and Indonesia are boosting  their domestic gems industries in the aim to become respectable international players. Cambodia and Vietnam, which are also rich in gemstones, are gradually developing their own industry.

Although competition is getting stiffer, Myanmar has a huge potential with local authorities promoting the industry, but the main problem is the lack of modern technology that would allows local producers to shift their output to value-added and competitive products. In fact, according to local manufactures, Myanmar’s gems industry is several years behind other countries’ markets and it needs technical expertise from outside to take off.

Nevertheless, now that Chinese buyers have been burdened by new sales taxes and Thailand is loosing its competitiveness on the international market due to the increasing labour costs, Myanmar has the opportunity to transform its gemstone and jewellery manufacturing sector into one of its key foreign currency earners by producing and selling directly instead of sending raw gems to be processed in foreign markets. The game has just started, and a new attractive finished gems market is just around the corner.

 

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Reading Time: 2 minutes

In concert with increasing international demand, Myanmar has been striving for decades to expand its gems market, introducing several domestic gems emporiums as well as joining international shows. Now the wind has changed and the local industry showed the need of creating a strong domestic finished gems production. As a result, the first International Jewellery Expo arrived to Myanmar growing its importance in the global jewellery market.

Reading Time: 2 minutes

Yangon jewelleryIn concert with increasing international demand, Myanmar has been striving for decades to expand its gems market, introducing several domestic gems emporiums as well as joining international shows. Now the wind has changed and the local industry showed the need of creating a strong domestic finished gems production. As a result, the first International Jewellery Expo arrived to Myanmar growing its importance in the global jewellery market.

The international demand for gems and jewellery continues to grow despite the downturn in developed countries, and mid-range consumers increasingly purchase medium-priced products from newly growing hubs while traditional producers face the challenges of global competitiveness.

In this busy market, Myanmar’s main international approach has been, during the last decade, to attend gems fairs in China, Thailand, Sri Lanka, Singapore and Hong Kong to show the country’s quality jade, ruby, sapphire and pearl, as well as to attract foreign traders to the sector. Thanks to these efforts, the local industry has slowly caught international attention, at the same time showing the need to create new manufacturing centers to boost the local raw production, to start exporting finished products and to increase the promotion of the Made in Myanmar jewellery output.

As a result of this new approach to incorporate local producers in the global market, the industry has organised the first Jewellery Expo in Myanmar in early May 2013. The fair showcased jewellery and gems from about 20 Myanmar companies as well as more than 20 international firms keen to tap the jewellery markets in Yangon, Mandalay and Naypyitaw.  At the same time, the Myanmar government, which is also engaged in this business, is moving to create tax-free zones and one-stop services centers to process raw gems and to export finished tax-free products.

Historically, Myanmar’s jewellery industry has been challenged  by Thailand, which is considered a gemstones sourcing country and the world’s most important manufacturing hub, as well as by Singapore and Hong Kong that both host high-profile gemstone and jewellery fairs. In addition to that, the growing economies of Malaysia and Indonesia are boosting  their domestic gems industries in the aim to become respectable international players. Cambodia and Vietnam, which are also rich in gemstones, are gradually developing their own industry.

Although competition is getting stiffer, Myanmar has a huge potential with local authorities promoting the industry, but the main problem is the lack of modern technology that would allows local producers to shift their output to value-added and competitive products. In fact, according to local manufactures, Myanmar’s gems industry is several years behind other countries’ markets and it needs technical expertise from outside to take off.

Nevertheless, now that Chinese buyers have been burdened by new sales taxes and Thailand is loosing its competitiveness on the international market due to the increasing labour costs, Myanmar has the opportunity to transform its gemstone and jewellery manufacturing sector into one of its key foreign currency earners by producing and selling directly instead of sending raw gems to be processed in foreign markets. The game has just started, and a new attractive finished gems market is just around the corner.

 

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