The 57th edition of the Bangkok Gems and Jewelry Fair (BGJF), which will be held at Bangkok’s IMPACT Exhibition and Convention Center from February 24 to 28, will host over 1,500 exhibitors spread over nearly 3,500 stalls, the organisers said in a pre-event release. Describing the show as Asia’s second largest gems and jewellery trade show – and the fifth largest globally, they said that over 30,000 buyers are expected to attend.

A special attraction this year is the lifting of 20% tax on imported gems and jewellery sold at this edition of the show, the statement added. Foreign exhibitors can import and sell gems and jewellery from other countries duty-free, while local exhibitors can lower their prices through reduced import costs.

Mr. Somchai Phornchindarak, Chairman of the Gems, Jewelry and Precious Metal Confederation of Thailand said, “The government has been with us every step of the way, helping to promote exports as well as developing overseas markets via trade fairs, road shows and exceptional exhibitions.”

This move will help propel Thailand to become the “golden gateway to the gems and jewelry industry of ASEAN – a region burgeoning with a 600 million population,” adds Mr. Suttipong Damrongsakul, President of the Thai Gem and Jewelry Traders Association (TGJTA).

The organisers have clarified that the import duty-free incentive is only for exhibitors endorsed by TGJTA, non-endorsed vendors will still pay the standard 20% import tax. Moreover, 7% VAT still applies to all exhibitors, local and foreign. However, another government concession is the Zero VAT privilege, where buyers of rough gems and raw materials are exempted from paying the 7% tax.

Chantira Jimreivat Vivatrat, the Deputy Director-General of the Department of Trade and Promotion (DITP) said, “The government is confident of the potential of Thai businesses in the gem and jewelry industry. Various measures and incentives have been introduced to facilitate trading.”

The GJPCT has also held discussions with the Thai government towards securing zero duty status for the industry. The proposed package includes the exemption of VAT for imports of finished diamonds and gemstones for manufacturing, rough stones for manufacturing and sale, machinery tools and essential materials.

Both Mr. Somchai and Mr. Suttipong believe that the government will ratify the proposals before the 58th BGJF in September 2016.