June 14, 2023
BANGKOK – Thailand’s exports of gems and jewellery dropped by 28.85% in April due to the global economic slowdown, the Gems and Jewellery Institute of Thailand (GIT) said on Monday.
GIT deputy director Sumed Prasongpongchai said the financial crisis in the US and Europe had severely impacted the demand for gems and jewellery.
Thailand’s export of gems and jewellery in April was valued at US$450.81 million (15.63 billion baht), down 28.85% year on year, he explained, However, he said the total exports, including gold, was worth $1.26 billion (43.69 billion baht), up 16.29% year on year.
He said the export of gems and jewellery between January and April this year was valued at $2.66 billion (92.25 billion baht), up 5.35% year on year. The export value, including gold, in the first four months was worth $5.39 billion (186.94 billion baht), down 18.01% year on year, he added.
Sumed explained that many of Thailand’s major gems and jewellery export markets had seen a drop in demand, including the US (10.58%), Germany (20.53%), United Kingdom (20.45%), Belgium (16.00%), India (69.94%) and Japan (3.93%).
However, he said exports to three countries — Italy (61.47%), Hong Kong (169.19%) and United Arab Emirates (43.62%) — had increased.
Exports of major products had dropped, such as silver jewellery (21.13%), rough diamonds (19.74%), polished diamonds (35.56%), artificial jewellery (14.77%) and scraps made of precious metals (33.55%).
However, he said the export of some products had increased, such as gold jewellery (48.50%) platinum ornaments (24.37%), rough gems (28.26%) polished hard gems (89.92%) and polished soft gems (124.46%).
He expects gems and jewellery export to be affected by various factors, such as the financial crisis in the US and Europe, and slowdown in China’s economic recovery. He also expects the global economy to recover slowly in the second half of this year.
Hence, entrepreneurs should diversify exports and reduce reliance on export to major markets, he said, adding that they should penetrate Middle East markets.
He advised entrepreneurs to maintain their online marketing, as e-commerce still has growth potential.
Entrepreneurs should operate eco-friendly businesses, implement strategies to meet consumers’ demand quickly and launch new products faster than their competitors, he added.