BANGKOK, 11 July 2013 A Ministry of Finance announcement lifting 20% customs duty on gems and jewelry products imported for display or sale at trade fairs has come into force following its publication in the Royal Thai Government Gazette.
The announcement was approved by the Cabinet on June 25, 2013 with an aim to boost competitiveness of the gems and jewelry industry.
The Ministry of Finance stated that gems and jewelry products imported for trade fairs were previously subject to a 20% customs collection, but in order to encourage participation by foreign dealers as well as local and foreign buyers, the government has decided to remove the duty.
The move will alleviate impacts of the stronger Thai baht on traders . It will also be a boon to the annual Bangkok Gems and Jewelry Fair usually held in September. This year’s fair will feature the first-time-ever duty free scheme for every single piece of gems and jewelry products. Local and foreign buyers at the fair can take advantage of the customs exemption, which gives them additional purchasing power.
