Logo of Phnom Penh Post newspaper Phnom Penh Post - Rough gemstone import-export down 45%

Rough gemstone import-export down 45%

Content image - Phnom Penh Post
Because gemstones are used as decorative ornaments, imports and exports will trend up when the economy is doing well and there are lots of ceremonies, says one academic. Hong Menea

Rough gemstone import-export down 45%

Cambodia has issued 36 certificates for the import and export of a total of $24 million worth of precious and industrial-grade rough gemstones in 2021, down by 45 per cent from $43.7 million in 2020, covered by 45 permits, according to Ministry of Commerce data.

This year’s 15 import and 21 export permits accounted for $15 million and $9 million, respectively, compared to 2020’s 23 import and 22 export certificates which represented $23.9 million and $19.82 million.

Singapore, Thailand, Vietnam, Belgium, Japan, Italy and mainland China were the biggest buyers of Cambodia’s rough gemstones, while Thailand, Singapore, Canada, Belgium and Hong Kong were the top import markets, according to the ministry.

Cambodia Chamber of Commerce vice-president Lim Heng told The Post on December 28 that Covid had induced a general slump in the import and export of gemstones this year, with the lack of jewellery exhibitions, weddings and other ceremonies dampening demand for the mineral crystals.

“This decline is normal because in the context of the Covid-19 epidemic, everyone is mainly focused on health and food issues, and events that typically feature gemstones have been rare,” he said.

However, Heng expects the flow of gemstones in and out of the Kingdom to pick back up as travel resumes around the world and economies rebound from Covid-19.

“Imports and exports will recover from 2022 onwards. In addition to imports for domestic use in Cambodia, there are also many facilities to process jewellery and gemstones for export, to sell on the international market,” he said.

Hong Vanak, director of International Economics at the Royal Academy of Cambodia, shared Heng’s view that gemstone imports and exports would see a steady increase following the return of weddings and other ceremonies, which Vanak stressed would buoy demand for processed minerals.

“Because gemstones are used as decorative ornaments, imports and exports will trend up when the economy is doing well and there are lots of ceremonies,” he said.

MOST VIEWED

  • First Cambodian woman graduates from Japan’s NDA military academy

    A few years ago, Meach Sithyka Jessica became the first-ever Cambodian woman to graduate from the US Military Academy at West Point, and since then her courage and determination has served as an inspiration for other Cambodian women. Similarly, Ly Chansocheata became the first Cambodian

  • Construction begins on $1.5B Kampot seaport

    The International Multi-Purpose Logistics and Port Centre, principally invested by Kampot Logistics and Port Co Ltd and projected to cost $1.5 billion, has officially broken ground in Bokor town, Kampot province. The multi-purpose logistics and port centre, located in Prek Tnaot commune, will be built on

  • Cambodia eyes key role in electronics, auto hubs in SEA

    Two roadmaps, part of the LDC’s economic diversification plan, were designed to see it through its migration process, but experts say the journey might be arduous, particularly in the presence of two established hubs in the region By 2028, Cambodia hopes to have exited the

  • Hun Neng, lawmaker and PM’s brother, passes away aged 72

    Hun Neng, chairman of the 4th Commission of the National Assembly, has passed away from heart disease at the age of 72 on the afternoon of May 5, according to the Ministry of Information. Hun Neng is the older brother of Prime Minister Hun Sen, and was

  • CCC team off on US business trip

    The Kingdom’s leading economists and private sector representatives have called on the US to renew its tax preferential status for Cambodian exports, as a Cambodia Chamber of Commerce (CCC) delegation departed for a weeklong business visit to the US, where they will meet with

  • PM meets with US business giants

    Prime Minister Hun Sen has met with a number of major US companies who have expressed interest in investing in Cambodia, in a meeting convened by the US-ASEAN Business Council (US-ABC). A delegation of companies – including Amazon, Meta, Chevron, ConocoPhillips, ExxonMobil, Ford, Visa and Pernod