Reed Business Information and JCKonline report that the Thai Department of Export Promotion and Excise Department have collaborated with the Thai Revenue Dept. and the private sector to launch a new campaign aptly named "Thai Gems and Jewelry Trading Route". This latest campaign was developed in order to improve understanding and compliance of regulations and conduct among foreign and local gem traders.
The Thai Export Dept. came out with the following statement: "The goal is to ensure that the gem and jewelry trade is conducted transparently in order to maintain a sustainable growth."
Local operators are advised to take advantage of incentives such as VAT waivers by registering their businesses with the Revenue Dept..
The registration process is as follows:
-Apply for Board of Investments incentives
-Conduct their trade in Free Trade Zone
-Adhere to the Revenue Dept.'s Por Por 01.5 registration rules
-Be a member of at least one gem and or jewelry trade association
As a rule, the regulations do not apply to foreign individuals or companies that trade in Thailand. In the event that they plan to sell gemstones inside the Kingdom of Thailand, they are required to first register under the Alien Business Act.
JCKonline.com also notes that the Export Dept of Thailand emphasizes that the success of the "Thai Gems and Jewelry Trading Route" depends largely on cooperation from the private sector in adhering to regulations, "a step that lays a foundation on which the future of the industry is built".