August 15, 2023
BANGKOK – Gemstone and jewellery exports excluding gold in June amounted to US$737.41 million, an increase of 31.19% and underlining a strong recovery for the second consecutive month.
This positive trend extends over six months, with a total increase of 9.01%. However, the global economic conditions including inflation and uncertainties still pose challenges, despite the support from the service and tourism sector.
Sumed Prasongpongchai, the director of the Gem and Jewellery Institute of Thailand, said he was satisfied with the increase in exports and added that if gold were included, the value would be U$929.15 million. For the first half of 2023 (January – June), gemstone and jewelry exports (excluding gold) totalled U$4.20 billion, he added.
In terms of major export markets, there were both increases and decreases. Notable increases were seen in Hong Kong (up by 184.47%), Japan (up by 6.05%), Italy (up by 47.27%), the United Arab Emirates (up by 22.50%), and Singapore (up by 73.94%). Other countries showed a downward trend, with the US down by 8.99%, Germany by 17.52%, the UK by 16.17%, and Switzerland by 2.78%. India saw the most significant decrease at 64.86%.
The recovery of the global economy during the second half of the year is still relatively slow due to persisting inflation and economic instability. Major economies within the G7 group, including the US, the UK and Germany, are facing more significant challenges compared to other countries. This is due to financial institutional issues, inflationary pressures, and increased financial costs from interest rates and stricter control policies, which affect production, investment, and consumption.
The recoveries of China and Japan have been gradual and limited, with relatively less impact on the global economy. However, other positive factors are driven by the service sector and the resurgence of tourism this year.
Given the overall global consumption market, despite economic issues and a slower inflation rate, maintaining existing customer relationships, fostering partnerships, and introducing new products are essential for Thai entrepreneurs. Aligning sales strategies with market trends, seasons, and consumer behaviours, along with keeping updated information, is crucial. Additionally, investing in upskilling and reskilling employees, especially in technology innovation, ensures adaptability and advancement for each organisation, ultimately empowering the business sector, according to Sumed.