US economic recovery spurs growth in Thailand's jewelry industry
By Jon Fernquest
Thailand's jewelry industry is picking up as a result of the economic
recovery
in the US. As the article notes, the gold trade has often had a big effect on jewelry export figures:
"But
the sector's exports declined by 37.43% during the first four months
due to a sharp drop in the exports
of unshaped gold, which accounts for half of the
sector's export value. If gold is excluded,
jewellery exports rose by 13.13% to 47.86 billion baht."
During the global economic crisis, the gold trade also had a big effect on jewelry export figures (Read article).
Today's article begins after the vocabulary.
Photo on right of a Spanish gold and emerald pendant.
picking up - going
faster
economic recovery - when the economy starts to get better after an economic downturn or recession (more jobs, higher incomes) การฟื้นฟูสภาพ
spurs growth - causes to get bigger and grow
gold trade - the buying and selling of gold for profit
pendant - a beautiful object that hangs from a necklace and is worn around the neck, often having gemstones and precious metals such as gold as in photo on the right (See Wikipedia)
economic recovery - when the economy starts to get better after an economic downturn or recession (more jobs, higher incomes) การฟื้นฟูสภาพ
spurs growth - causes to get bigger and grow
gold trade - the buying and selling of gold for profit
pendant - a beautiful object that hangs from a necklace and is worn around the neck, often having gemstones and precious metals such as gold as in photo on the right (See Wikipedia)
Economics
JEWELLERY
Exports may surge by 20% on US spike
2/07/2010Chadamas Chinmaneevong
Thai jewellery and ornament exports will grow by 15% to 20% this year mainly due to economic recovery in the United States, a key trading partner, says the Gem and Jewelry Institute of Thailand.
Signs of a strengthening recovery emerged in the first four months of the year when Thailand reported exports of precious stones and jewellery worth 92.15 billion baht.
surge
- a sudden increase in something การเพิ่มขึ้นอย่างรวดเร็ว
spike - a sudden increase
ornament - a small attractive object used for decoration เครื่องประดับประดา
due to - because of
recovery - when the economy starts to get better after an economic downturn or recession (more jobs, higher incomes) การฟื้นฟูสภาพ
key - important คนสำคัญ
emerged - appeared, came into being ปรากฏออกมา
precious - of great value because of being rare, expensive or important มีค่า,ล้ำค่า, ที่มีค่าสูงส่ง
precious stones, gemstones - stones such as rubies or emeralds that people wear as ornaments to make themselves beautiful (See Wikipedia)
spike - a sudden increase
ornament - a small attractive object used for decoration เครื่องประดับประดา
due to - because of
recovery - when the economy starts to get better after an economic downturn or recession (more jobs, higher incomes) การฟื้นฟูสภาพ
key - important คนสำคัญ
emerged - appeared, came into being ปรากฏออกมา
precious - of great value because of being rare, expensive or important มีค่า,ล้ำค่า, ที่มีค่าสูงส่ง
precious stones, gemstones - stones such as rubies or emeralds that people wear as ornaments to make themselves beautiful (See Wikipedia)
In mid-2009, there were 15,777 registered gem and jewellery companies in Thailand, most of them small shops.
Jewellery and precious stones are the country's third largest export category - after electronics and electrical goods, and food and farm products - representing 4.82% of total export values.
registered
- officially recorded as a business with the government (and given
permission to operate)
gem - a jewel (= precious stone), especially when cut into a particular regular shape อัญมณี, เพชรพลอย
category - a group of people or things that have similar qualities หมวดหมู่ ประเภท
gem - a jewel (= precious stone), especially when cut into a particular regular shape อัญมณี, เพชรพลอย
category - a group of people or things that have similar qualities หมวดหมู่ ประเภท
But the sector's exports declined by 37.43% during the first four months due to a sharp drop in the exports of unshaped gold, which accounts for half of the sector's export value. If gold is excluded, jewellery exports rose by 13.13% to 47.86 billion baht.
Wilawan Atichat, a GIT director, said that even though the price of gold kept rising during May and June, peaking at US$1,240 an ounce, the commodity could still yield profits and its value is likely to increase further.
sharp drop - decrease
very quickly (like falling off a cliff)
accounts - detailed descriptions of something that has happened การให้การของพยาน
accounts - the accounting records of a company, the records of money paid, received or owed over a period of time by a company
excluded - not included
yield - an amount of something produced ผลผลิต
yield profits - the amount of profit created by the business
accounts - detailed descriptions of something that has happened การให้การของพยาน
accounts - the accounting records of a company, the records of money paid, received or owed over a period of time by a company
excluded - not included
yield - an amount of something produced ผลผลิต
yield profits - the amount of profit created by the business
Therefore, the exports of unshaped gold should surge in the second half with shipments of other items such as diamonds, coloured gems and genuine ornaments should also increase.
The Greek financial crisis has had no impact on Thailand's industry because the export of precious stones and jewellery to the region is only 200-300 million baht a year, she said.
genuine
- real; not fake
ornaments - nice looking objects that are used as decorations (example: ornaments hung on the Christmas tree)
crisis - an urgent, difficult or dangerous situation วิกฤต
Greek financial crisis, 2010 European sovereign debt crisis - (See Wikipedia and CNN explanation)
sovereign debt - money borrowed by governments that must be paid back in the future
impact - an effect or influence ผลกระทบ
ornaments - nice looking objects that are used as decorations (example: ornaments hung on the Christmas tree)
crisis - an urgent, difficult or dangerous situation วิกฤต
Greek financial crisis, 2010 European sovereign debt crisis - (See Wikipedia and CNN explanation)
sovereign debt - money borrowed by governments that must be paid back in the future
impact - an effect or influence ผลกระทบ
Important exports are gold and silver ornaments. If the crisis expands to the whole of Europe and America, the Thai precious stone industry will be affected due to the weaker purchasing power of consumers in both markets," Mrs Wilawan said.
Exports of Thai jewellery and ornaments still have the potential to grow in the future, especially in China. Although the export value to China was small, GIT believes it will become an important market for Thailand if local operators can penetrate it.
purchasing power -
ability to buy things (having the necessary income, welath and cash)
consumers - people who buy things (individuals and families)
potential - the possibility that something might happen in the future ที่เป็นไปได้
potential for growth, growth potential - the possibility that a business might grow, get bigger and make more money in the future
local - in or related to the area that you live, or to the particular area that you are talking about ท้องถิ่น
operators - businesses doing this business
penetrate market - win customers in a market, so the company has market share and is making money by selling things in the market
consumers - people who buy things (individuals and families)
potential - the possibility that something might happen in the future ที่เป็นไปได้
potential for growth, growth potential - the possibility that a business might grow, get bigger and make more money in the future
local - in or related to the area that you live, or to the particular area that you are talking about ท้องถิ่น
operators - businesses doing this business
penetrate market - win customers in a market, so the company has market share and is making money by selling things in the market
Total jewellery exports to China last year were 392 million baht. In the first five months of this year, the figure was 211 million baht.
The GIT is working with the National Gemstones Testing Center of China to study the standard of gem stones. This will be another way to introduce and expand Thai jewellery in the Chinese market.
But it is still difficult to penetrate China due to strict regulations. If the obstacles are resolved, the export of precious stones and ornaments to China will certainly grow, Mrs Wilawan said.
figure
- an amount of money จำนวนเงิน
expand - to become larger ขายตัวออกไป
strict - very exact and demanding เข้มงวด
regulations - official government rules that control the way that things are done ระเบียบปฏิบัติ, ระเบียบ ข้อบังคับ, กฎระเบียบ
obstacles - things that makes it difficult to go somewhere or do something อุปสรรค
resolved - when a problem has been solved
expand - to become larger ขายตัวออกไป
strict - very exact and demanding เข้มงวด
regulations - official government rules that control the way that things are done ระเบียบปฏิบัติ, ระเบียบ ข้อบังคับ, กฎระเบียบ
obstacles - things that makes it difficult to go somewhere or do something อุปสรรค
resolved - when a problem has been solved
The institute will organise the fourth GIT Gem and Jewelry Design Award 2010 under the theme "The Force of Nature - Impressionable Design for Change", aiming to inspire designers to create new designs that match with current consumer trends.
In the past three years, more than 300 students and professional designers have joined the contest. The event, which is open to contestants throughout Asia this year, should attract more entries.
The GIT invites the public to take part by introducing the Popular Design Award to let people vote for their favourite designs. More details are available at http://www.git.or.th. More than 1,200 people cast their votes in one month last year.
theme
- the main subject of something ใจความสำคัญ, ประเด็นหลัก
inspire - to give people a particular feeling or a desire to do somethng จุดประกาย
match - to look the same as or very similar to something else ซึ่งไม่คู่ควร
current - of the present time ปัจจุบัน
consumer - someone who buys and uses goods and services ผู้บริโภค
contest - an event in which many people compete to win prizes
attract - to cause someone to be interested in something ดึงดูดความสนใจ
cast - (of a vote) to vote by putting marking your voting paper (ballot) and putting it in the ballot box ลงคะแนน
inspire - to give people a particular feeling or a desire to do somethng จุดประกาย
match - to look the same as or very similar to something else ซึ่งไม่คู่ควร
current - of the present time ปัจจุบัน
consumer - someone who buys and uses goods and services ผู้บริโภค
contest - an event in which many people compete to win prizes
attract - to cause someone to be interested in something ดึงดูดความสนใจ
cast - (of a vote) to vote by putting marking your voting paper (ballot) and putting it in the ballot box ลงคะแนน
(Source: JEWELLERY, Exports may surge by 20% on US spike, 2/07/2010, Chadamas Chinmaneevong, link)
