Thai gems and jewellery exports set to grow 10% despite global challenges

Exports of gems and jewellery (excluding gold) from Thailand are forecasted to grow by 10% this year, despite concerns of economic slowdown and ongoing geopolitical conflicts. This optimistic projection comes from increased demand for high-end luxury jewellery, particularly gemstone jewellery, according to Sumed Prasongphongchai, director of the Gem and Jewelry Institute of Thailand.

In the first quarter of this year, Thailand’s exports of gems and jewellery, including gold, reached US$4.25 billion, marking a 22.8% decrease from the same period last year. However, excluding gold, the total exports amounted to US$2.34 billion, only a 3.5% decline. In contrast, in the previous year, the total export value of gems and jewellery, excluding gold, was US$7.98 billion, reflecting a surge of 29.5%.

Last year’s growth was attributed to multiple factors,…