Thailand’s Gem And Jewelry Industry:
The Present Scenario

Thailand’s gem and jewelry sector consistently ranks among the top five export products. In 2023, the export value reached USD 14,636.88 million, making it the country’s third most significant export after automotive products & parts and computer related components. This accounted for 5.14% of Thailand’s gross exports. The industry, extending employment to nearly 1 million workers across the supply chain, demonstrates high competitiveness in global markets, particularly in polished precious stones and gem-set jewelry. Colored Stone Industry  Thailand excels in colored stone manufacturing and trading, especially in gem corundums like Ruby and Blue Sapphire. Despite importing almost all rough stones from overseas, the country maintains a strong reputation with local expertise, high-level skills in gemstone enhancement so call ‘Heat Treatment’ and gemstone cutting, providing a competitive edge. Its large trading markets draw global buyers, positioning Thailand as a key player in the international circulation of premium colored stones.

In 2023, colored stones ranked as the third most significant gem and jewelry export, reaching USD 2,013.40 million, a 70.47% increase from the previous year. This growth was influenced by the recovery of Thailand’s key export markets, improved economic conditions, increased consumer confidence during festivals, and a rising preference for high-quality gem and jewelry by investors and collectors. Polished precious stones dominated the subcategories, contributing USD 1,313.03 million, comprising over 65% of the colored stone export value, while polished semi-precious stones and rough stones secured the second and third positions with 30% and 5% shares, respectively. In terms of global competitiveness, Thailand’s renowned polishing skills, gemstone enhancement expertise, and governmental support through tariff measures have solidified its position as a key player in the industry. According to 2023 Global Trade Atlas statistics, Thailand ranks third worldwide in the export of polished precious stones, capturing a share of approximately 16.56%, following the United States and Hong Kong. Moreover, Thailand holds the second position as the largest exporter of polished semi-precious stones, with a significant 19% share, trailing only behind Hong Kong. Jewelry Industry  Thailand, a key player in the global jewelry market, primarily operates as an Original Equipment Manufacturer (OEM). It excels in gemset jewelry production, presenting exceptional designs, exquisite craftsmanship, and acting as a proficient solution provider for clients, earning international recognition at the forefront. In 2023, the jewelry industry emerged as the leading export earner within the gem and jewelry category, capturing a significant 30.64% share. Thailand’s jewelry exports amounted to USD 4,484.72 million, marking a 9.81% increase from the previous year. Gold jewelry maintained its prominence, representing 57.64% of Thailand’s jewelry export value, while silver

jewelry accounted for a 36.16% share.

Gold Jewelry:  In 2023, the export value of Thai gold jewelry reached USD 2,585.06 million, reflecting a notable 24.72% increase compared to 2022. The United States retained its status as the primary export market, commanding a 26.13% share. Hong Kong and the UK followed, contributing 20.21% and 8.17%, respectively. Together, these three markets constituted nearly 55% of Thailand’s total gold jewelry export value. Silver Jewelry:  Thai silver jewelry exports amounted to USD 1,621.57 million in 2023, experiencing a 6.63% decline. The United States continued to be the leading export market with a 29.25% share, followed by Germany at 23.28%. India secured the third spot as the most important export market, holding a 12.87% share.Thailand’s jewelry

industry excels globally due to skilled craftsmanship, diverse designs, and consistent product quality. Entrepreneurs are elevating products with added value and innovation, shifting from Original Equipment Manufacturing (OEM) to Original Brand Manufacturing (OBM). According to Global Trade Atlas statistics, Thailand has consistently been the world’s largest silver jewelry exporter for over a decade, claiming a 20% market share in 2023. Additionally, Thailand holds the twelfth position as the largest exporter of gold jewelry worldwide.Thailand has consistently implemented policies to support and promote its gem and jewelry sectors. The government, through strategic tax measures, enhances cost advantages and boosts overall competitiveness. Key industry events, like the biannual Bangkok Gems and Jewelry Fair and the annual International Chanthaburi Gems and Jewelry Festival, play a vital role in increasing industry visibility. The Gem and Jewelry Institute of Thailand (GIT) has initiated

the ‘Buy With Confidence’ program to ensure quality standards, fostering confidence among consumers. These ongoing supportive measures underscore the government’s commitment to sustaining and enhancing Thailand’s gem and jewelry industry. With continued benefits from these initiatives, the industry is poised to uphold its global standing despite prevailing uncertainties and challenges.            With acknowledgement and thanks to the 69th edition of the Bangkok Gems & Jewelry Fair for this excerpt.