Surge in gold export makes up for overall slump in demand for gems and jewellery
Thai export of gems and jewellery in the first seven months of this year rose 33.73 per cent compared to last year, bouyed by the demand for gold, Sumed Prasongpongchai, deputy director of the Gem and Jewellery Institute of Thailand (Public Organisation), said.
The export accounted for US$12.069 billion, or 9.06 per cent, of the country's total exports.
However, excluding gold, the export of gems and jewellery during the period dropped 41.87 per cent to $2.576 billion.
Gold export in the period skyrocketed 106.72 per cent to $9.492 billion, accounting for 78.65 per cent of the total gems and jewellery exports. During the period the global demand for gold surged, as people rushed to seek the safe-haven asset during the economic crisis.
Export of silver and gold ornaments dropped 8.29 per cent and 45.18 per cent, respectively.
He added that worries of a second wave of the Covid-19 outbreak and the strengthening baht remain risk factors for gems and jewellery exports.
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