Jewelry makers expect exports to reach $400m
Manila Standard Today, Philippines
Local jewelry makers expect exports to hit $400 million by 2015 amid strong demand for well-crafted, high-end Philippine designs despite intense competition in the global marketplace.
Mia Faustmann, president of the Guild of Philippine Jewellers Inc., said in a forum yesterday that the $400-million combined export target for fine and costume jewelry was realistic given the high quality and unique designs that Philippine-made jewelry is known for.
Prices of locally-made jewelry are also competitive with those of Thailand, which has a $1.5-billion export market.
The Philippines last year shipped out $40 million worth of jewelry to various markets, the biggest of which are Japan, United States and Europe.
“We are looking at a 10 percent growth in exports this year. The Philippines is competitive in design, quality and price. Jewelry, be it gold, silver or costume, is mainly fashion-driven and for as long as you keep up with the trends, you will always have a niche market,†Faustmann said.
Local jewelers have been angling for more support from government. The Jewelry Act has gone through the second amendment of its implementing rules and regulations.
Fine jewelry makers will showcase their works of art in the Hong Kong International Jewellery Show 2007 next month at the Hong Kong Convention and Exhibition Center.
Six local jewelers will display the Philippines’ finest in sterling silver jewelry—A. Suarez Sterling Corp., Michelis Inc., Sanara Inc., Sterling Gifts Inc., JMA Jewelry Center Inc. and South Sea pearls (Jewelmer International).
She said the hard part was getting all jewelry makers to go above ground and be legitimized to capture a more realistic base of the market.
Faustmann said the local jewelry industry, including fine and costume jewelry and those made in Meycauayan, Bulacan could be around P3 billion, but only about 1 percent is legitimate. Elaine Ruzul S. Ramos
