NationThailand-Oct 7
Thailand is solidifying its position as a global gem hub, with exports projected to grow by 10%, by leveraging its expertise in gem cutting, polishing, and enhancement. The industry faces significant trade risks, including potential US tariffs that could impact competitiveness and increasing pressure to comply with stricter international standards for responsible sourcing. In response to these challenges and shifting consumer demand, Thai manufacturers are adapting by focusing on more affordable jewelry and utilizing a wider variety of gemstones.
Competition from India’s rapidly developing gemstone industry is another key pressure point, prompting Thai businesses to accelerate their adoption of global standards. Sumeth Prasongpongchai, Director of the Gem and Jewelry Institute of Thailand (Public Organization), or GIT, said export value including gold had risen by about 20.02%, while exports excluding gold were worth around US$9 billion. Part of the rise in export value has been driven by higher raw-material prices, while businesses and buyers in several countries have adjusted their strategies to manage risks and preserve asset values.
Looking ahead to next year, GIT expects consumers to increasingly favor more affordable jewelry. In the mass market, manufacturers are making greater use of stainless steel, while demand for more accessible colored gemstones is expected to expand. Gemstones such as tourmaline, peridot and turquoise could provide opportunities for manufacturers to develop distinctive designs and stories around their products, helping create additional value. Sumeth said one of Thailand’s biggest strengths remains its role as a center for gem cutting and enhancement. Although Thailand is not the source of all the rough gemstones used by the industry, large quantities of stones mined elsewhere continue to be brought into the country for cutting, polishing and enhancement before being exported to overseas markets. “Thailand is increasingly recognized as a hub,” Sumeth said. “Foreign operators come here to develop collections and source gemstones and other materials.” Maintaining Thailand’s expertise in cutting and gemstone enhancement would therefore be an important foundation for the industry’s future growth, particularly in the precious gemstone segment. Read more at:
