Fine jewelry makers to increase exports 10%

Philippine exporters expect to increase shipments of fine jewelry 10% and hold their own in a more competitive global market this year. Mia Faustmann, president of the Guild of Philippine Jewellers Inc., said the industry expects to ship $44 million of fine jewelry to the biggest markets, including Japan, United States and Europe. Faustmann said the Philippines will continue to hold a niche in world market because of the local industry's strength 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 told reporters. She said jewelry makers are also working to expand domestic sales. Faustmann estimates local jewelry sales, including fine and costume jewelry, at P3 billion. Of this, only one percent are registered. The rest represent the informal market, mainly sellers go house to house to hawk jewelry and operate with neither sales permits or Bureau of Internal Revenue registration. Filipino fine jewelry makers will showcase their products in the Hong Kong International Jewellery Show 2007 next month at the Hong Kong Convention and Exhibition Center. Six local jewellers will present the Philippines’ finest in sterling silver jewelry (A. Suarez Sterling Corp., Michelis Inc., Sanara Inc., Sterling Gifts Inc.), gold jewelry and precious and semi-precious stones (JMA Jewelry Center Inc.) and South Sea pearls (Jewelmer International). -GMANews.TV