The Gem and Jewelry Institute of Thailand (GIT) reported a notable rise in the country’s gem and gold exports in January, with exports of gems and jewelry, excluding gold, climbing to $696.96 million, a 21.53% increase from the previous year.
The surge in exports is attributed to the global economic upturn, a deceleration in global inflation, and the proactive efforts of the Commerce Ministry to form new trade partnerships and networks in the gem sector. As a result, the total export value, including gold, soared to $1.166 billion, which is a 59.09% increase.
This positive trend was evident across key export markets, with notable growth in the United States, Italy, Hong Kong, Germany, India, Belgium, the United Kingdom, Qatar, and Japan. However, exports to the United Arab Emirates experienced a decline. Among the major exported products, there was an across-the-board increase, with significant growth in categories such as gold jewelry, silver jewelry, platinum jewelry, and various types of gemstones and artificial jewelry.
Despite the promising start to the year, the outlook for gem and jewelry exports in 2024 faces potential hurdles due to ongoing global challenges, including prolonged monetary policies, geopolitical tensions, and significant elections in countries like the US and the UK.
GIT Director Sumed Prasongpongchai advised businesses to adapt by focusing on environmentally friendly products and transparent sourcing practices in response to growing consumer concerns and stricter international regulations on product sourcing and environmental impact. (NNT)
