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August 2, 2007

Traders complain of market seizure by Indians
Thai jewellery traders have complained their markets in the eastern province of Chantaburi have been seized by some groups of Indian gem traders through a price distortion.

Pornchai Chuenchomlada, president of the Thai Precious Stones and Ornaments' Association, submitted a written complaint to a member of Thailand's National Legislative Assembly that the number of Indian gem graders in the province had increased considerably.

Some groups of the Indian traders had distorted product prices to such an extent that Thai entrepreneurs including manufacturers and traders could not compete with them.

He said the Indian traders had an advantage because they had a larger amount of capital, more branches overseas, and lower trading costs.

In addition, most of the Indian traders had often shunned abiding by state rules and regulations.

Currently, more than 100 out of 200 jewellery manufacturing plants had closed their business since they could not compete with the Indian traders in terms of prices.

So, the association wanted state agencies concerned in security affairs to examine whether the Indian traders' behaviour had undermined the country's economy or not, he said. TNA

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