Phnom Penh: Awareness on economic growth of Cambodia is seeing the jewelry market in this country showing signs of exponential growth.
In fact, earlier this year, a group of representatives of well-known jewelry companies have decided to select Cambodia as an investment destination, for the establishment of a jewelry factory that will supply the market with world-famous brands.
The revelation was made during a meeting , on January 2, 2023 at the Council for the Development of Cambodia (CDC), between representatives of well-known jewelry companies from various countries, and Mr. Sok Chenda Sophea (former Minister Delegate to the Prime Minister, Secretary-General of the Council for the Development of Cambodia) – current Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation.
During the meeting to explore the opportunities and environment for investing in jewelry sector, the delegates from well-known jewelry companies noted that Cambodia has a long-standing culture and civilization, which is important for harmonizing with its products that are planned to be made in the Kingdom of Cambodia.
The sector is growing with Cambodia receiving more than US$1.3 billion from the export of jewelry and precious stones to international markets, in first six months of 2020.
Singapore is Cambodia’s largest export market, followed by Thailand, Vietnam, Belgium, Japan, Italy and China. The jewelry related products that Cambodia exports include natural pearls, precious stones and precious metals.
According to statistics of the Ministry of Commerce, Thailand, Singapore, Canada, Belgium and Hong Kong are Cambodia’s largest import markets.
One of the owners of a gold shop near Central Market told a local newspaper that, although currently Cambodia has a number of mining companies operating, but in general, Cambodia imports gold from many countries in the world to meet domestic demand, and some are designed to export to international markets. “Jewelry exports from Cambodia are ready-made products and some gems,” he said.
He claimed that because most countries stop making jewelry by hand, therefore, a lot of pure gold is imported into Cambodia to be processed and exported as a processed product. Mr. Oknha Lim Heng, Vice President of the Cambodian Chamber of Commerce, said that the increase in exports and imports of jewelry and gems shows that Cambodia is a country that has improved both the living standards of local people, as well as the ability to process and have a large market.
With this growth, he said, the number of companies investing in gold and gem mining is also growing. “This growth shows that the Cambodian economy is improving, as the number of jewelry and gem processing companies is increasing,” he said.
In addition, the Cambodian Gem and Jewelery Traders Association (CGJTA) is organizing the 15th edition of “Cambodia International Gem and Jewelery Fair 2024”, at the Koh Pich Convention and Exhibition Center in Phnom Penh, coming soon from March 21 to 25 2024!
