MANILA, Philippines – Jewelry makers are projecting a 20 percent increase in revenues this year as they cater to demand for both gold and silver jewelry in the local market.
Meycauayan Jewelry Industry Association Inc. chairman Cecille Ramos said in a statement from the Philippine Exporters Confederation Inc. many local jewelry makers are focusing on the domestic market.
This, as local demand is seen to be on the rise.
Demand from export markets likewise remains weak.
“(Export) orders we receive are not that much. The economies of Europe and United States just recovered slightly,” Ramos said.
She noted that a bulk or 90 percent of the revenues now come from the local market, while the balance is accounted for by exports.
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Data from the Department of Trade and Industry’s Bureau of Export Trade Promotion showed that Philippine exports of fine jewelry and scrap gold declined by 27 percent to $65.87 million in January to November 2013 compared to the $90.29 million in the same period in 2012.
To take advantage of the strong market opportunities, Ramos said industry players are upgrading their capacities and technology.
