Bangkok, Thailand, 27 September 2024- Thailand has cemented its position as a global leader in gem and jewelry exports, with the sector continuing its strong performance in 2024. The export value of Thailand’s gems and jewelry from January to July 2024 reached a remarkable USD 9.3 billion, representing vital growth and affirming the industry’s significance to the Thai economy.
Thailand’s Gem and Jewelry Export Performance in 2024
The gem and jewelry industry experienced robust expansion from January to July 2024, with exports totaling USD 9.3 billion. This denotes a substantial 13.86% increase year-on-year compared to the first seven months of 2023. With such rapid growth, gems and jewelry ranked as Thailand’s third most valuable export sector, contributing 5.44% to the country’s total gross exports. This highlights the industry’s value to Thailand’s broader economy.
Breakdown of Export Value
While total gem and jewelry exports reached USD 9.3 billion, this figure includes a significant share of unwrought gold exports. Excluding gold exports, the actual value of Thailand’s exported gems and jewelry was USD 5.1 billion; still a notable 6.65% year-on-year increase. This breakdown demonstrates the outsized influence of gold exports on the sector’s overall export value, underlining Thailand’s strength as a gold exporter fueling wider success.
Year Over Year Comparison: July 2024 vs July 2023
Analysis of export values year-over-year further emphasizes the stellar performance of Thailand’s gem and jewelry exports in 2024. The total export value in July 2024 alone amounted to USD 1.72 billion; a 114.28% increase compared to July 2023. However, when discounting unwrought gold exports, the actual export value declined 6.47% year-on-year to USD 547.81 million in July 2024. This decrease despite robust yearly growth points to fluctuating monthly dynamics shaping Thailand’s gem and jewelry trade.
Key Trends Shaping the Gem and Jewelry Market in 2024
What underlies the continued expansion of Thailand’s gem and jewelry exports in 2024? Sustained global appetite for Thai gems and jewelry is a major driver, aided by Thailand’s esteemed reputation for premium quality gem-cutting and jewelry manufacturing.
Innovation plays a vital role in the continued success of Thailand’s gem export market. Companies, such as Bangkok-based Veerasak Gems, often embrace cutting-edge technologies in gemstone faceting, combined with the expertise of skilled lapidaries. This enables them to produce exquisitely crafted rubies that meet the high standards of global markets. This forward-thinking approach ensures that Thailand remains a leader in colored gemstone exports.
Challenges Facing Thailand’s Gem and Jewelry Industry
While Thailand’s gem and jewelry export outlook shines bright, some challenges temper the sector’s future growth landscape. Fluctuating global gold prices impact export values tied to gold jewelry and ornaments. Also, Thailand faces stiff competition from other leading gem exporting countries like India and China. Broader economic conditions like recessions or currency volatility in key export destinations – especially the USA and China – can quickly dampen demand for Thai gem and jewelry exports worldwide.
Growth Opportunities for Thailand’s Gem and Jewelry Industry
Despite these challenges, opportunities abound for Thailand to augment its global leadership role exporting gems and jewelry worldwide. Expanding consumer markets in Asia, Europe and North America offer reach into new sales territories for Thailand’s jewelry brands.
Additionally, with sustainability concerns growing worldwide, Thailand could lead the way in ethical and environmentally responsible gem production. Free trade partnerships promise to further boost export competitiveness for Thailand’s gems and jewelry into the future.
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