Gems and jewellery exports up 4.78% in May

According to Sumed Prasongpongchai, director of the National Gem and Jewelry Research and Development Institute (GIT), a public organisation under the Commerce Ministry, globally, jewellery export markets have shown both increases and decreases, with Hong Kong up by 143.29%, Japan by 5.40%, Italy by 49.16%, the United Arab Emirates by 44.58%, and Singapore by 91.36%. The US market fell by 6.70%, Germany by 17.06%, the UK by 18.82%, and Switzerland by 7.67%, with India experiencing the largest decrease of 68.79%.

Broken down by segments, gold jewellery exports increased by 33.95%, platinum jewelry by 34.48%, gemstones by 25.86%, cut/polished hard gemstones by 80.83%, cut/polished soft gemstones by 140.45%, and raw diamonds by 39.26%. However, silver accessories decreased by 18.65%, cut/polished diamonds by 35.49% and costume jewellery by 14.93%.

Sumed added that the export trend is still influenced by the overall global economic slowdown, particularly in the US, the Eurozone, China and Japan.

However, although the overall consumption pattern in global markets remains uncertain, the return to “normal” life has led to a growth in the consumption of fashion jewellery, particularly those suitable for daily wear, he said. 

Additionally, sustainable products have gained attention not only as a global trend but also according to a survey conducted by PricewaterhouseCoopers Consulting (Thailand) Ltd, which found that consumers are willing to pay around 5% more for such products. Online channels remain crucial for product discovery, price comparison, and reviews before making purchasing decisions. Therefore, parallel marketing strategies online and offline should be developed to provide consistent experiences and introduce new innovations to enhance consumer satisfaction, leading to increased sales.