Thailand's gems, jewelry exports tipped for 20% expansion

Thailand's gems and jewelry exports are expected to grow by 20% this year after purchase orders rose significantly over the first seven months of this year.(Photo: Bangkok Post)

Bangkok (VNA) - Thailand's gems and jewelry exports are expected to grow by 20% this year after purchase orders rose significantly over the first seven months of this year, Thai Commerce Minister Jurin Laksanawisit has said.

Speaking at the 67th Bangkok Gems and Jewelry Fair held recently at Impact Muang Thong Thani, he said the value of gems and jewelry exports, excluding gold, reached 4.48 billion USD in the first seven months of 2022, an increase of 37.6% year-on-year.

“Given this level of expertise, the ministry's policy is to support the organisation of international trade fairs to make Thailand one of the world's main gems and jewelry hubs," Jurin was quoted by the Bangkok Post as saying.

Jurin attributed the strong growth to Thai’s manufacturing mastery, skilled artisanship and craftsmanship in polishing, forging and design.

Gems and jewelry is a major Thai industry, with more than 90% of its small- and medium-sized enterprises, employing 664,000 labourers through its supply chain.

Last year, Thai gems and jewelry export value (excluding gold) rose by 26.9% from the year earlier to reach 6.16 billion USD.
 
Markets that recorded strong growth of Thai gems and jewelry exports included the UK (up by 135% year-on-year), Switzerland (70.4%), India (60.7%), the US (51.3%) and the United Arab Emirates (29.8%).

Jurin said he had directed the ministry to pursue a proactive export policy to promote Thailand as a global gems and jewelry hub and to create partnerships in the target industry market by joining mini free trade agreements, focusing on cities and provinces.

Prapee Sorakraikitikul, an advisor to the Thai Board of Trade, said Thailand’s gems and jewelry trade has grown better than expected and he  believes exports in 2022 are likely to expand by more than 20%. However, she admitted that purchase orders may drop slightly in the fourth quarter due to slow economies in markets such as Europe, the US and China./.