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THURSDAY, December 07, 2023

Gems and jewellery exports ride out the Covid crisis

Gems and jewellery exports ride out the Covid crisis
THURSDAY, January 20, 2022

The Covid-19 crisis has not affected jewellery sales, despite it being a luxury item, an industry expert said.

Sumed Prasongpongchai, director of the Gem and Jewellery Institute of Thailand, revealed that Thai gems and jewellery were an important export product and had generated top value for the country for a long time.

Total gold exports from January to November 2021 was valued at $9.215 billion. He said there were signs of a steady increase in demand due to the economic recovery in many countries.

Even though the pandemic continues to cast a shadow, it has not affected trading, Sumed said. Past gemstone auctions have seen price increase by 20-30 per cent, including the participation of entrepreneurs in various activities with both offline and online trading.

However, entrepreneurs have to adapt to global trends, such as the Sustainable Development Goals of the United Nations that requires ethical business practices and a tracing system for the origin of coloured gemstones, he said.