Thai Gem and Jewellery Exports Surge in January, Driven by Gold and Platinum

Thailand's gem and jewellery exports skyrocketed in January 2025, with total export value nearly tripling compared to the same period last year, according to the latest data from the Gem and Jewelry Institute of Thailand (GIT).

The sector recorded exports worth $US 1.73 billion, marking a 148.82% year-on-year increase. When including gold, the total export value reached $US2.90 billion, representing a 148.87% surge.

"This is a very strong start to the year," said Sumed Prasongpongchai, GIT director, noting that January's performance reflects the third consecutive month of positive growth. "Nearly all product categories saw increased exports, with the exception of diamonds."

Gold exports alone reached $US 1.17 billion, jumping 148.95% compared to January 2024. Industry analysts attribute this growth to rising gold prices, which averaged $US 2,709.69 per ounce in January, prompting an increase in speculative trading.
 

Platinum emerged as the standout performer among product categories, with exports soaring to $US967.29 million—an extraordinary 452,751.32% increase—primarily due to expanded trade with India.

Policies implemented by US President Donald Trump, including potential Federal Reserve interest rate cuts and increased tariffs on trading partners, have enhanced gold's appeal as a safe-haven asset. Goldman Sachs has projected gold prices could reach $US 3,000 per ounce this year, driven by geopolitical tensions, economic uncertainty, and increased central bank purchases.

India dominated as Thailand's strongest export market, with a remarkable 1,893.86% increase. Other markets showing significant growth included Qatar (47.87%), the United States (36.44%), the United Kingdom (15.66%), Italy (7.75%), and the United Arab Emirates (1.02%). Meanwhile, exports to Hong Kong, Japan, Belgium, and Germany declined.

Gold and silver jewellery exports rose by 6.54% and 8.46% respectively, while platinum jewellery increased by 38.16%. Rough and polished gemstones also experienced growth, attributed to investment purchases. However, diamond exports—both rough and polished—declined due to reduced demand in key markets such as Hong Kong and Belgium.

Sumed expressed optimism for continued strong performance throughout the first quarter, citing seasonal festivities and major international trade shows as key drivers. 

However, he cautioned that Trump's evolving trade policies could escalate tensions and increase barriers, potentially affecting the sector. Ongoing geopolitical conflicts in the Middle East and Ukraine also pose significant challenges.

For 2025, jewelry trends include brightly colored gemstones in pastel shades, layered necklaces and bracelets, and mixed precious metals. The industry is also witnessing growing emphasis on ethical, sustainable, and transparent sourcing, reflecting evolving consumer preferences.

The GIT anticipates continued strong growth throughout the first quarter, particularly in gold exports.