Investors’ need for safe-haven assets boosts gem, jewellery export
Thailand’s export of gems and jewellery in the first eight months of this year rose 32.77 per cent year on year to US$15.206 billion, said Sumed Prasongpongchai, deputy director of the Gem and Jewellery Institute of Thailand.
However, if gold is excluded, then export during the period dropped 43.99 per cent to US$2.94 billion as consumers have been cautious in spending due to the Covid-19 outbreak.
Gold export in the period skyrocketed 97.52 per cent to $12.27 billion, accounting for 80 per cent of the total gems and jewellery export.
Global demand for gold has surged during this period as people are opting for safe-haven assets during the economic crisis.
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