Cambodia eyes to become region’s prominent gems, jewelry market

Cambodia has eyed to become a precious stone and jewelry hub in Southeast Asia region in the near future, Minister of Commerce Cham Prasidh said Thursday. Speaking at the opening of the 5th international gems and jewelry fair here, the minister said that with the fast growing market of over 14 million populations, Cambodia has emerged as one of the most attractive and fastest growing economies in the region. … He [Cham Prasidh] said with the many tax preferential or tax-free treatments extended to Cambodia as one of the Least Developed Countries by many developed nations including the United States, gems and jewelry traders around the region might move their bases to Cambodia to take advantages of their reduced tariffs on imports. … Besides, he said, Cambodia was admitted as a member of the Kimberley Process on November 30, 2012 in Washington D.C., the United States. The Kimberley Process (KP) is a joint governments, industry and civil society initiative to stem the flow of conflict diamonds– rough diamonds used by rebel movements to finance wars against legitimate governments. As of November 2012, the KP has 54 participants, representing 80 countries and regions, according to its website. “As a member of the Kimberley Process, Cambodia will be able to obtain significant advantages to win legal trust in such industry, and be able to attract major investors to establish diamond-cutting factories in Cambodia,” Cham Prasidh said. … The impoverished country launched its first gem and jewelry laboratory in May last year under the joint venture with the London-based Intertek Company. …

http://news.xinhuanet.com/english/business/2013-06/13/c_132452793.htm