The Commerce Ministry anticipates exports of gems and jewellery to expand by 10% this year, attributed to increased demand in the global market, the continuing recovery in tourism, and expansion into new markets. Phusit Ratanakul Sereroengrit, director-general of the International Trade Promotion department, said the gems and jewellery industry is vital to driving the country's economy. Despite the global economic slowdown caused by various challenges, exports from this product sector in 2023 grew by 9.
61% to over US$8.8 billion. The gems and jewellery industry is one of Thailand's top 10 export categories, with an export value of over $4.
5 billion in the first half of 2024, an 8.48% increase compared to the corresponding period last year. Furthermore, the gems and jewellery industry engages nearly 800,000 individuals across the supply chain, with around 12,000 business operators nationwide, of which 90% are small and medium-sized enterprises.
In a related development, the Department of International Trade Promotion (DITP) and the Gem and Jewelry Institute of Thailand (GIT) announced their readiness for the 70th Bangkok Gems and Jewelry Fair to be held next month. "Bangkok Gems is the largest gem and jewellery trade fair in Thailand, the oldest in Asia, and ranks among the top four in the world. It is a crucial event that attracts buyers from around the world to negotiate and further business connections," Mr Phusit said.
"The Bangkok Gems and Jewelry Fair is considered an es.