Thailand’s Cabinet has approved a Gem and Jewelry Institute of Thailand lo initiative that may help the Kingdom become a world jewelry hub.
The government will introduce tax incentives, including customs duty exemptions on gems and jewelry primarily sourced from Mozambique and Madagascar, and from ASEAN member countries, including Laos, Myanmar, Vietnam, and Cambodia.
The changes will boost competitiveness, raise quality standards, and enhance labor skills. They will facilitate the transfer of technological know-hows from large-scale manufacturers and foreign experts to small businesses, and will establish specialized institutes to train craftsmen. Extensive marketing support will also be provided.
In 2016, Thailand exported gems and jewelry worth US $12.3 billion.