Illustrative image (Photo: https://www.bangkokpost.com) Bangkok (VNA) - Thailand's gem and jewellery exports excluding gold are forecast to grow by 15-20 percent in 2022 thanks to the global economic recovery, increasing economic activities as well as less severe symptoms caused by the Omicron variant.
According to director of the Gem and Jewelry Institute of Thailand (GIT) Sumeth Prasongphongchai, many trading partners of the country adjusted their safety policies to allow more open trading conditions.
In addition to more vaccination coverage worldwide, the Omicron variant is likely to generate less severe symptoms, resulting in increased economic activities and rising demand for gems and jewellery products, he said.
Last year, Thailand's gems and jewellery exports rose by 26.9 percent from the year before.
Markets that recorded strong export growth included the UK (up by 135 percent from last year), Switzerland (up 70.4 percent), India (up 60.7 percent), the US (up 51.3 percent), the United Arab Emirates (up 29.8 percent), Belgium (up 21.2 percent), Australia (up 10.7 percent) and Japan (up 6.49 percent).
Gem and jewellery exports ranked fifth in terms of total shipment value last year after automobiles and parts, computers and parts, rubber products, and plastic pellets. This industry employs more than 700,000 workers.
Sumeth said that the International Chanthaburi Gems and Jewelry Festival 2021-2022, held on February 4 with over 250 exhibitors, may have generated revenue of more than 60 million baht (1.86 million USD) for local traders./.
