Thai gems and jewellery exports set to grow 10% despite global challenges

[snoop1130]

Image courtesy of Bangkok Post

 

Exports of gems and jewellery (excluding gold) from Thailand are forecasted to grow by 10% this year, despite concerns of economic slowdown and ongoing geopolitical conflicts. This optimistic projection comes from increased demand for high-end luxury jewellery, particularly gemstone jewellery, according to Sumed Prasongphongchai, director of the Gem and Jewelry Institute of Thailand.

 

In the first quarter of this year, Thailand’s exports of gems and jewellery, including gold, reached US$4.25 billion, marking a 22.8% decrease from the same period last year. However, excluding gold, the total exports amounted to US$2.34 billion, only a 3.5% decline. In contrast, in the previous year, the total export value of gems and jewellery, excluding gold, was US$7.98 billion, reflecting a surge of 29.5%.

 

Last year’s growth was attributed to multiple factors, such as the global economic recovery, the easing of COVID-19 restrictions, increased international travel and tourism, and the resumption of economic activities. These factors encouraged the growth of worldwide production and consumer purchasing. Key markets that exhibited strong growth for Thai gem and jewellery exports included Singapore, Switzerland, India, Belgium, the UK, the United Arab Emirates, the US, Hong Kong, Japan, and Germany.

 

Full Story: https://thethaiger.com/news/business/thai-gems-and-jewellery-exports-set-to-grow-10-despite-global-challenges

 

-- © Copyright Thaiger 2023-05-03

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

The most versatile and flexible rental investment and holiday home solution in Thailand - click for more information.