Thailand continues to rise as a leading international player in the world of coloured gemstones. We begin to see a growing demand from multinational companies looking to expand into the Asian market through Thailand. Reputable companies such as Bonas, one of the world’s oldest leading international diamond tender houses with over 140 years presence in the diamond business is building its credentials and expertise in this sector by holding its first ever coloured gemstone tender in Bangkok with joint support from Asia Gem Center (AGC), a preeminent gem brokerage and the Jewelry Trade Center (JTC). This one-time event will overlap with the Bangkok Gems & Jewelry Fair (BGJF) and will feature an exclusive range of coloured gemstones.
Bonas has been successfully running tenders for seven years, originally starting with diamonds. The forthcoming tender in February in Bangkok will be the third year of running coloured gemstone tenders.
“Bonas wants to bring its tenders to the world-famous coloured gem centre, Bangkok. It wants to provide the market with an opportunity to see different goods and enable participants to buy them on a market leading tender platform that provides unparalleled transparency and security”, says Tim Denning of Bonas Group.
When Bonas started its tender business, it operated with a system of written sealed bids, opened under the supervision of a bailiff. Today, the bidding process is conducted on a dedicated password protected online platform. Each of their products has a different portal; for coloured gems it is www.bonascolouredgems.com. Tim Denning says, “The website is a very modern system and possesses numerous advantages, written by in-house specialists who know the diamond and gemstone sectors inside and out.”
Bonas organizes diamond sales on behalf of a number of mining companies, of which some are listed on the stock exchange. Bonas was subject to a thorough and far-reaching due diligence investigation by those companies. Denning continues, “Transparency is very much at the core of its vision. Its systems and processes are audited on a regular basis, and Bonas is the only SGS-certified intermediary in the diamond sector and gem sector.”
The tender will mark a pivotal way in which gemstones are sold in Thailand. There are many potential advantages to buying at tenders unlike traditional auction methods. An auction is more time-consuming as it requires participants to be in front of their computers throughout the various rounds of the sale; in a tender the participant can make a bid for the lot(s) it is interested in at any given point up until the tender closes. The tender has no listed selling price, nor extra fees such as buyer’s premium, thus, enabling traders to purchase at true market value. “Participants are able to put the price that they see as the value of a lot rather than competing with others to win it,” states Denning.
