Prida Tiasuwan (Pranda Jewelry Group)
Thailand enjoys a strong reputation for jewelry manufacturing, employing a highly skilled workforce in its many factories. Although it was the second nation with confirmed COVID-19 cases, Thailand remained relatively unaffected by the virus. The government quickly imposed strong measures such as remote work, curfews, and closure of places where people gather in great numbers. The action that arguably had the greatest impact was the closure of its international borders. The government tightly controlled travel to the country and enforced a strict 14-day quarantine for everyone who entered. Today, more people are allowed to enter, but the two-week quarantine is still mandatory.
The travel ban had a devastating impact on the region, which relies heavily on tourism and business travel, but it also left its mark on the local jewelry manufacturing scene. We spoke with Prida Tiasuwan, chairman of the Pranda Jewelry Group, about the situation in Thailand. He confirmed that the proactive measures taken by the government affected business in the first months of COVID, but this period did not last very long. By June 2020, business was returning, and a few months later demand was high, most likely because of the upcoming holiday season. This positive outlook continued with the arrival of vaccines in early 2021.
The Pranda facilities operated at reduced capacity during the Thai lockdown, which allowed the company to save costs due to reduced salaries for all staff and selected furloughs in April and May. Mr. Tiasuwan personally headed a task force consisting of department managers to ensure that all 2,200 staff remained safe and production could return to a normal pace as soon as possible.
By temporarily reducing capacity, they were able to improve working conditions for staff, including social distancing measures. Employees quickly adopted these new principles, and many of them were able to work from home. Since August 2020, the facilities have been back at full capacity with all required precautions, including a “Safe and Clean” campaign to remind everyone of the simple steps they can take to prevent the spread of the virus (see above).
Still, Pranda encountered issues with the supply of raw materials such as diamonds and certain colored stones. These are typically sourced or cut in countries such as India and China, where the impact on businesses was more severe during the first months of the pandemic. On the other end of the chain, physical retail was heavily impacted but was compensated by an increase in e-commerce.
The economic impact of the pandemic is also reflected in the demand for jewelry, according to Mr. Tiasuwan. The focus is on simple pieces in smaller sizes, with very few set stones or none at all. Customers have not been looking for fancy, colorful jewels during the pandemic, but Pranda expects this to change once the economic situation stabilizes.
