“For Thailand, the status of being the primary Asean gem and jewellery centre could be an irresistible unique selling proposition,” Cavalieri said.

He was delivering a keynote address at a dinner talk held recently by the Commerce Ministry’s Department of International Trade Promotion, to support the 58th “Bangkok Gems and Jewellery Fair”, which will take place from September 7-11. Senior government and industry representatives attended the talk to map out strategies that would drive the Thai industry into the world’s top three.

Cavalieri proposed that Thailand become an “easily accessible and navigable gateway to the massive Asean region, which has a population of 600 million people – larger than those of the EU [European Union] and North America, and the third-largest labour force in the world behind China and India”.

Gateway to world market

Thailand also has the potential and all elements to serve as one of the world’s gem and jewellery centres to connect and act as a gateway to the world’s gems and jewellery industry, he said.

Cavalieri also advised Thai gems and jewellery businesspeople to make the “US market their primary target, since 55 per cent of the production of diamonds and gemstones are consumed in America”.

To break into the Chinese market, he added, they need to present themselves carefully in an unambiguous, structured and coordinated manner and promote events like the Bangkok Gems and Jewellery fair.

Reflecting on Thailand’s past robust growth and pride in the jewellery business dating back to 2004, Cavalieri said all the essential ingredients seemed to be there – raw materials, infrastructure, skilled workforce and a gemology community. Twelve years later, Thailand “has yet to fulfil the promises that existed in 2004”, he said. “Were you able to optimise your potential? In all honesty, I suggest you have not.

“Since 2004, while Thailand has been considered by many as second-tier, at least three Asian countries have played a more central role in global trade than Bangkok. One, of course, it can be argued, is Hong Kong, but today both Mumbai and Dubai are mentioned as well,” he said.