Gems and jewellery exports gain from weakening baht
Thailand's export of gems and jewellery has risen in May, thanks to countries reopening and the weakening baht, the Gems and Jewellery Institute of Thailand (GIT) said on Thursday.
GIT deputy director Sumed Prasongpongchai added that many countries are ordering more Thai goods. However, he said the export of gold has dropped due to a decline in the price of the precious metal.
Thailand's export of gems and jewellery in May was US$757.48 million (27.63 billion baht), up 69.70 per cent year on year, he explained. However, he said the export value, including gold, in May was $1.01 billion (36.86 billion baht), down 7.03 per cent year on year.
He said the export of gems and jewellery between January and May this year was $3.28 billion (119.74 billion baht), up 46.90 per cent year on year. The export value including gold in the first five months was $7.58 billion (276.72 billion baht), up 113.96 per cent year on year, he added.
Sumed explained that many of Thailand's major gems and jewellery export markets have expanded, including the US (53.53 per cent), India (158.21 per cent), Hong Kong (7.6 per cent), Germany (16.61 per cent), United Kingdom (73.52 per cent), Switzerland (123.88 per cent), United Arab Emirates (17.95 per cent), Belgium (35.86 per cent), Italy (103.97 per cent) and Japan (10.74 per cent).
Exports of major products have increased, such as silver jewellery (13.95 per cent), gold jewellery (61.79 per cent), polished diamonds (70.70 per cent), rough gems (43.49 per cent), polished hard gems (91.37 per cent), polished soft gems (60.80 per cent), artificial jewellery (34.81 per cent) and scraps made of precious metals (38.28 per cent), he said.
However, he said export of platinum ornaments and rough diamonds had dropped by 14.82 per cent and 22.04 per cent, respectively.
Sumed expected the export of gems and jewellery to rise further as many countries have reopened. The weakening of the baht has also helped boost Thailand's competitiveness.
However, he said people's purchasing power would be under pressure due to the Covid-19 crisis and the Russia-Ukraine war's impact on fuel prices and production costs.
The GIT has continued setting the standard for Thai gems and jewellery, such as promoting the "Buy with Confidence" project and laboratory inspection standards, in order to gain confidence in the industry, he said.
He added that the GIT has also encouraged entrepreneurs to use online channels to boost gems and jewellery sales.
