Platinum’s rare nature gives it additional value and appeal

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Marco Carniello: We want to continue to be the engine boosting the jewellery industry

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There is a significant need for smart and technological financial solutions in the diamond industry

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The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

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De Beers’ GemFair ropes in more than 160 Sierra Leone artisanal miners

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16 august 2021

Weak Global Demand Forces Labor Cutbacks in Thailand

25 february 2009

More than 100,000 workers employed in the diamond industry and other skilled sectors will lose their jobs this year as global demand falls due to recession, RAPAPORT reported. "A few companies said that they had not suffered from the economic recession, but in reality most plants have laid off employees and suspended production," Chirakitti Tang, International Diamond Manufacturers Association (IDMA) vice president,  said.
Amporn Nitisir, head of the Labor, Welfare and Protection Department, said that 118 businesses closed their doors from January 1 to 13, 2009, and 13,237 workers lost their jobs, as Thai companies endure a liquidity crunch and plunging demand. Another 215 firms are likely to close soon, which would hit 98,251 workers, mostly in the textile, computers and electronic parts, jewelry and automobile sectors, she said.
The drop in world demand has lowered production, and the price of diamonds has also dropped 20 percent since November. "However, we believe the price will bounce back to normal levels in late 2010 at the soonest," Chirakitti said. He said diamond prices in the retail market would drop by 15 to 20 percent.
Chirakitti, also president of the Thai Gem and Jewellery Manufacturers Association (TGJMA), said the government should set up a committee to help the Thai gem industry. "The gem industry has stayed at the bottom for years because we are accused of [selling] fake colored gemstones. The government should help us improve the good image of [Thai] gemstones."
He said that Thailand has an opportunity to attract gem orders from abroad because China, one of the largest gem manufacturers, has problems with quality, cutting and polishing techniques and achieving punctual deliveries. "We have started to see orders shift from China to Thailand since last year. However, we are facing a shortage of good-quality raw gemstones, so we need government's support in that regard as well," he said.