Friday, November 14, 2008 RP jewelry industry eyes $400-million exports
GOLD and silver coming from various gold mines in Mindanao are expected to help boost the growth of the Philippine jewelry industry.
From the year 2008 to 2012, Philippine jewelers are eyeing exports of $400 million to the world's markets, according to the Guild of Philippine Jewelers.
The export market for luxury jewelry from the Philippines is expected to grow 10 percent annually, according to Mia Faustman, GPJ president.
"Jewelry is mainly a fashion-driven market. As long as you keep with fashion trends, you'll always have a niche market," Faustman said.
Latest trends in jewelry design were taken up by product designers from Davao who were sent recently by the region's Department of Trade and Industry to the Product Development Design Center in Manila for an intensive two-week training.
DTI trade promotions chief Rose Enginco cited the big potential of the emerging jewelry industries in Compostela Valley and Davao Province which have some of the country's biggest gold mines.
"There's so much promise in the skill and craftsmanship of the jewelry items being produced here by local jewelry makers," Engingco said.
The country's large pool of skilled and creative jewelry designers, according to Engingco, will contribute to the growth of the Philippine jewelry industry, which has the competitive advantage of having an abundant supply of raw materials like gold, silver, and precious stones.
The World Gold Council has cited the Philippines as the third biggest gold producer in Asia, next to Indonesia and Papua New Guinea and the 14th world's highest gold producer.
Some 100,000 workers are employed by the country's jewelry industry with gold and silver sourced locally from various gold mines in Camarines Norte, Davao Province, and Compostela Valley, according to WGC.
Department of Trade and Industry Acting Regional Director Marizon Loreto said the jewelry industry has all the elements to succeed in the world market.
"Raw material is no problem here and we have skilled, talented, and well-trained designers and craftsmen who can turn out creative jewelry designs following the latest trends in fashion jewelry," Loreto said.(PhilPress Features)
