Tax Cut Arrives Just in Time for 52nd Bangkok Gems and Jewelry Fair
August 19, 2013
Savings await buyers planning to visit the upcoming 52nd Bangkok Gems and Jewelry Fair (BGJF52) after the Thai government last month announced the lifting of the 20 percent tax on imported gems and jewelry products to be sold at the exhibition.
Foreign exhibitors are now allowed to bring in and sell gems and jewelry from their countries duty-free, while local exhibitors can reduce selling prices as they cut down on imported parts and products’ costs.
Both local and foreign buyers can thus take advantage of the 20 percent savings.
Somchai Phornchindarak, president of the Thai Gem and Jewelry Traders Association (TGJTA) and chairman of the Gems, Jewelry and Precious Metal Confederation of Thailand, said the government decision came at the heels of TGJTA’s strong advocacy for a concessional duty rate of 0 percent.
“We are privileged to have the government working alongside us so directly,” he added.
The BGJF52, scheduled Sept. 6-10 at Bangkok’s IMPACT Muang Thong Thani Hall, is expected to draw tens of thousands of buyers from all around the world.
Buyers at February’s fair reached more than 30,000, coming from more than 130-plus countries, including Dubai, Russia, China, Bahrain, Brazil and Canada.
The biannual event is billed as the world’s fifth and Asia’s second largest trade show in the gems and jewelry industry. BGJF boasts of gross export revenues exceeding USD12.8 Billion.
Another tax-free incentive awaiting visitors at the Fair is the Zero VAT Pavilion, where buyers are exempted from paying the 7 percent value-added tax imposed on rough gems and raw materials imported into Thailand.
A new feature added to this year’s BGJF is a free, three-day, two-night hotel accommodation for first-time visitors who are a part of the Business Matching Service, a system of pre-arrangement, where foreign buyers are allowed to choose the suppliers whom they wish to transact with before the fair opens.
The hotel accommodation also is being offered to visitors who have not been able to attend BGJF for the past three years.
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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