The Gem and Jewelry Institute of Thailand (GIT) has forecast a bright future for Thai precious stone exports in 2022.
The positive projection came after data showed January exports reached $767.48 million, a leap of 50.89% from the previous month. Jewelry contributed to 3.61% of Thai exports in January.
Excluding unrefined gold, the export value of the sector reached $580.29 million for a 48.16% increase. These figures indicate recovery in the sector following a slump brought about by the global pandemic.
Positive factors affecting the gem and jewelry industry during the month include the recovering global economy and expanded COVID vaccine coverage in Thailand.
The United States, India, Hong Kong, Germany and the United Kingdom are among the key trading partners.
Citing its data, the GIT said the most popular exports in January were diamonds, silver, gold, gems and synthetic jewelry.
The institute noted, however, that the Omicron COVID variant, inflation, increasing household debt, the income gap and the ongoing war in Ukraine continue to be major negative factors for the sector.
It also recommended that dealers consider relying more on e-commerce to stay afloat and capitalize on the rising popularity of online shopping trends. (NNT)
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