Jewelry firms see 20% growth in ’14

Local jewelry makers expect a 20-percent growth in revenues this year amid rising demand for gold and silvery jewelry in the local market, the Philippine Exporters Confederation said.

This was despite the 10-percent decline in the price of gold since January, said Cecille Ramos, board chair of the Meycauayan Jewelry Industry Association Inc.

Ramos was quoted by Philexport as saying that the higher demand may be attributed to the consumers’ strong purchasing power amid economic growth.

Jewelry makers are reportedly focusing more on the domestic market, which now accounts for about 90 percent of revenues of major exporter members, as demand in key export markets remained weak.

“[Export] orders we received were not that much. The economies of Europe and United States just recovered slightly,” Ramos said.

Citing data from the Department of Trade and Industry’s Bureau of Export Trade Promotion (BETP), Philexport said exports of fine jewelry and scrap gold declined by 27 percent to $65.87 million in January to November 2013 from $90.29 million during the same period the previous year.

To take advantage of the strong market opportunities in the domestic market, Ramos said industry players were upgrading their capacities and technology.