Unlocking the Future of Southeast Asia’s Gems and Jewelry Industry

Business Forum Magazine interviewed Mr. Sirapat Pipatveeravat, Creative Director of Der Mond, to find out more about his insights on growth potential, current obstacles, the role of technology, and, most importantly, the path forward for regional manufacturers to leave a lasting impression on the global stage.

How do you assess the growth potential of the gems and jewelry industry in Thailand and Southeast Asia?

I believe there is still significant room for growth in the jewelry industry in Thailand and Southeast Asia. However, to truly capitalize on this potential, businesses must move away from mass production, which is becoming increasingly outdated. Instead, the focus should be on uniqueness and storytelling.

In today's market, it’s the distinctiveness of a piece, the identity it carries and the narrative it tells, that attracts customers. Consumers are no longer just buying a product; they’re buying meaning. That’s where the future lies.

What are the biggest challenges currently facing the gem and jewelry business?

One of the main challenges is intense price competition. The market is saturated with a wide variety of gemstones and jewelers, making it difficult to stand out. When there’s an oversupply, the battle often shifts to price, which can be unsustainable.

The real challenge is to develop a unique selling proposition, to offer something that sets your brand apart. Establishing a strong brand identity and delivering something different to your clients is essential in today’s competitive landscape.

What new technologies has Thailand’s gem industry adopted to produce world-class quality products?

While technology plays an important role, I believe it’s not the core factor in creating truly exceptional products. Yes, we use all the modern tools available, AI maybe helps in design, and 3D printing is widely adopted, but the heart of our products still lies in craftsmanship.

It's the delicate handwork, the subtle human touch, that makes a piece truly unique. Anyone can access technology, but not everyone can replicate the artistry and care embedded in handcrafted jewelry. It’s the blend of traditional techniques with modern innovation that enables us to create world-class pieces.

In your opinion, what can gems and jewelry manufacturers in Southeast Asia do to grow stronger and make a lasting mark in today’s global market?

To thrive in today’s global market, manufacturers must shift their mindset from mass production to niche production with an emphasis on quality. Understanding your target market is crucial, you must know who your clients are and what they value. The market isn’t as broad as it once was, and with so many competitors, it's important to carve out your own space and define what makes your brand special.

Another critical issue is workforce development. In Thailand, many of our skilled craftsmen are aging, most are over 40 and we’re not seeing enough young people entering the trade to fill that gap. Today’s younger generation often gravitates toward easier, tech-based jobs or gig work, like delivery services, rather than pursuing a career in traditional craftsmanship. That’s why government support is essential. Policies need to focus on encouraging vocational training and attracting young talent into the industry. Without this, we risk losing valuable skills and traditions in the near future.

What kind of government policies could help build a stronger future for the industry?

The government has a vital role to play, especially when it comes to education and workforce development. One of the biggest threats to the sustainability of the industry is the shortage of skilled workers. As mentioned earlier, many experienced artisans are nearing retirement, and younger generations are not stepping in to fill their shoes. 

Cần có chính sách khuyến khích và hỗ trợ các chương trình đào tạo, học nghề và phát triển nghiệp nghiệp cho giới trẻ trong ngành trang sức. Điều này không chỉ tồn tại trong công việc sản xuất thủ công của chúng ta mà còn đảm bảo chuyên ngành này duy trì khả năng cạnh tranh toàn cầu.

Thank you so much!