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 essential mechanism in reinforcing Thailand's gems and jewellery industry and highlighting the country's standing as the world's leading gems and jewellery destination," he added. "The 70th edition of Bangkok Gems is expected to receive an even greater response from global buyers and is projected to generate at least 3.5 billion baht in trade value.
" Sumed Prasongpongchai, director-general of GIT and co-organiser of the Bangkok Gems and Jewelry Fair, said gems and jewellery exports are expected to continue to expand following a projection that the world economy would expand by 2.6%, a rebound in the purchasing power of the country's major trading partners, lower inflation in the US and the European Union, and the rebound of the tourism sector. However, it would be essential to monitor geopolitical conflicts and trade protectionist measures as they may affect Thai exports to the global market.
Mr Sumed said the key to survival for exports is to integrate both online and offline sales channels, with a focus on enhancing the customer experience. While the regional economy shows signs of resilience, the impact of rising prices of food, energy, housing and other essentials over the next 12 months is considered to be the leading risk among the majority of consumers in Asia-Pacific, followed by economic volatility. This is discouraging consumers from purchasing luxury items and they are focusing on purchasing necessities instead.
Entrepreneurs should focus on creating product value along while providing value for money by offering good quality jewellery at reasonable prices and presenting products that can be worn in a variety of settings. Furthermore, entrepreneurs should use social media influencers who have a "frugal and smart" image in response to changing consumer behaviour, as consumers are becoming more savvy worldwide, Mr Sumed noted..
