3 days ago
Gem exporters eye 5% growth
Exports of gems and jewellery products are on track to achieve the nation's growth target of 5% this year, says the Gem and Jewelry Institute of Thailand (GIT).
Sumed Prasongpongchai, director-general of GIT, said for the first half of 2025, total exports in this sector jumped by 82.3% year-on-year, totalling US$14 billion. Excluding unwrought gold, exports surged by 62.7% to $7.41 billion.
Key export products included gold jewellery, silver jewellery, and coloured gemstones, with the major markets India, Hong Kong and the US.
Mr Sumed said the 2025 export growth target of 5% remains achievable. In 2024, gems and jewellery exports excluding unwrought gold generated $9.6 billion, representing year-on-year growth of 11.5%.
He said the substantial growth in the first half was driven by stockpiling before US tariff enforcement.
Although the US is imposing a 19% tariff on Thai products, which gives Thailand a competitive edge over its competitors, it also increases costs for American consumers.
Rough gems previously lacked an import tariff, while jewellery products faced a tariff of 5-10%.
While the industry monitors purchase demand in the US and global markets, Mr Sumed said it remains concerned about baht appreciation from 33.50-34 per US dollar to 32 baht per dollar, translating to a loss of 6-7 billion baht in revenue with each rising baht.
"Another concern is attracting and developing a new generation of workers for this industry," he said.
This sector must explore new markets, including Southeast Asian countries such as the Philippines and Indonesia, along with the Middle East, said Mr Sumed.
Sunanta Kangvalkulkij, director-general of the Department of International Trade Promotion (DITP), an organiser of the 72nd Bangkok Gems & Jewelry Fair, said the fair is recognised as one of the world's top four trade fairs in the industry.
The fair plays a crucial role in positioning Thailand as a leading global hub for the gems and jewellery trade, noted the DITP.
This year's event features 1,104 companies across 2,628 booths and is expected to welcome more than 40,000 visitors from around the world, generating at least $100 million in trade value. The fair is scheduled for Halls 1–8 at the Queen Sirikit National Convention Center from Sept 9-13.
