Philippine jewellery makers eye $400m exports

Philippines-based jewellers expect the sale of designs using precious metals such as gold to flourish in the years up to 2012.

According to Mia Faustmann, president of the Guild of Philippine Jewellers, the exports market for luxury jewellery from the country are set to grow by ten per cent this year.

This year's expected strong growth will follow buoyant growth in the coming six years, with the Philippine's export market set to hit $400 million (£204.3 million) by 2012.

Commenting upon the likely growth of the gold jewellery market in the country, which also incorporates other precious metals such as silver, Ms Faustmann said that the Philippines market is "competitive in design, quality and price".

"Jewellery…is mainly a fashion-driven market and for as long as you keep up with the trends, you will always have a niche market," she told the Manila Standard Today.

Other countries in the Asia are also experiencing a buoyant jewellery market, which incorporates gold, with Thailand's exports amounting to $1.5 billion (£766 million).