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The Guild of Philippine Jewelry’s Inc. (GPJI)
appealed before the government on Thursday to eradicate underground
selling of fine jewelry and to make export pieces available in the
local market.
Mia Faustmann, president of the
GPJI and Michelis Inc., said in a press briefing that the country is
competitive in the export of jewelry products in terms of price and
design, but these have not been made available to the local
consumers.
GPJI earned $40 million in export
revenue last year and projects a growth of 10 percent in 2007. The
jewelry guild hopes to bring in $400 million in exports by 2012.
But Faustmann said that “at
least 10 percent of the products should be available to the local
market.” The problem, she offered, is that “the mall owners
usually do not [want that] as they prefer foreign brands.”
She added, “They would even ask
us to change our store names; so how can we establish our brands?”
Faustmann said that with highly
skilled craftsmen and abundant resources, the group wants to make
jewelry as one of the Philippines’ sunrise industries. However,
she said the sector could not take off “because most of the
legislative bodies view jewelry merely as a luxury, they do not
realize that this is in fact a good alternative investment.”
Furthermore, Faustmann stressed
that 99 percent of the jewelry industry is being done underground.
“We cannot monitor them as the growth is not being felt by the
entire industry and [many in the business] do not pay taxes . . .
[and] do not contribute to the industry.”
Relatedly, jewelers are estimated
to earn as much as P3 billion annually from the underground market.
On the other hand, legitimate companies enjoy duty and excise
incentives.
Meanwhile, six local jewelers
will showcase the Philippines’ Finest in sterling silver jewelry
in Hong Kong next month. They are A. Suarez Sterling Corp., Michelis
Inc., Sanara Inc., Sterling Gifts Inc., JMA Jewelry Center Inc. and
Jewelmer International, the Department of Trade and Industry said.
Benjamin Aragon, president of
Sanara Inc., said the Philippines could easily excel in jewelry
industry, but merely viewing it as a luxury or for self-adorning
would not help the industry.
--Katrina Mennen A. Valdez
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