Thai gems and jewellery exports more than double in first two months
Thailand’s exports of gems and jewellery saw a big jump in the first two months of this year due to the economic recovery in major buyer markets.
Exports of gems and jewellery had slowed down after the Covid-19 pandemic hit in 2020.
In January and February, Thailand exported US$2.07 billion (THB68.3 billion), up 101 per cent from the same period a year earlier, said Sumed Prasongpongchai, chief executive officer of the Gem and Jewellery Institute of Thailand (GIT), a public organisation.
Exports of gems and jewellery accounted for 4.7 per cent of total Thai exports during the period, he added.
Even with the exclusion of unprocessed gold, the exports of gems and jewellery in the first two months totalled $1.16 billion (THB38.3 billion), an increase of 41.9 per cent, according to Sumed.
He attributed the sharp gain to the economic recovery in many countries that are major purchasers of Thai gems and jewellery, including the United States, India, Hong Kong, Germany, and the United Kingdom. The recovery has led to higher purchasing power in those countries, he added.
The US remains the top export market for Thai gems and jewellery, with an increase of 52 per cent.
However, Sumed warned that the ongoing war between Russia and Ukraine would increase inflation in the countries that are major importers of gems and jewellery. Also, the Omicron variant has still caused many Covid-19 infections, while interest rates are on the rise.
