Thai Jewellery Exports Shine with 13-Month Growth Streak as Global Demand
Non-gold exports surge 76% in November as Thai craftsmen outpace regional rivals, though a stronger baht and US consumer fatigue loom as 2026 risks
- Thailand's gem and jewellery exports, excluding gold, have achieved a 13-month growth streak, with a significant 76.7% surge in November.
- This growth is driven by shifting global demand, with major increases from the UAE, UK, and Japan offsetting a slight 0.3% contraction in the US market.
- The export boom is concentrated in finished jewellery and gemstones, as gold exports fell sharply by 51.1% due to market volatility and record-high prices.
- Despite the strong performance, the industry faces future risks from a strengthening Baht, a cooling global economy, and potential US consumer fatigue.
Non-gold exports surge 76% in November as Thai craftsmen outpace regional rivals, though a stronger baht and US consumer fatigue loom as 2026 risks.
Thailand’s gem and jewellery industry has extended its winning streak to thirteen consecutive months, with November exports (excluding gold) leaping by a staggering 76.7% to $1.46 billion.
According to Sumed Prasongpongchai, director of the Gem and Jewellery Institute of Thailand (GIT), the sector has proven remarkably resilient despite a climate of global economic cooling and erratic bullion prices.
The data reveals a tale of two sectors. While finished jewellery and gemstones thrived, gold exports plummeted by 51.1% in November.
Analysts attribute this to "safe-haven" demand pushing global gold prices to record highs, creating a level of volatility that has discouraged speculative trading and slowed the physical movement of the metal.
The geographic landscape of Thai exports is shifting rapidly.
Demand from the United Arab Emirates nearly doubled, surging by 90.4%, while the United Kingdom and Japan also posted significant double-digit growth.
Conversely, the United States—traditionally the cornerstone of the market—slipped into a marginal contraction of 0.3%.
"Thai products remain highly competitive in the American market because our tariff rates, effective since August last year, remain significantly lower than those imposed on China and India," Sumed noted.
However, he cautioned that the recent political instability in the US and the temporary government shutdown under the Trump administration have left a lingering chill on consumer confidence and luxury spending power.
As the industry moves into 2026, the GIT is urging exporters to embrace a digital evolution to protect their margins.
The institute recommends the integration of Artificial Intelligence (AI) to streamline "back-office" operations, manage complex supply chains, and analyse shifting market trends in real-time.
However, Sumed was quick to point out that technology has its limits in the luxury trade.
"Ultimately, the jewellery trade remains a human-centric business," he said. "High-value purchases are driven by emotion, heritage, and brand trust—elements that require a human connection which an algorithm cannot yet replicate."
Despite the stellar 11-month performance, which saw total exports (excluding gold) rise nearly 50% year-on-year, the industry faces a cooling global economy.
A strengthening baht is also beginning to erode the price competitiveness of Thai exports against regional neighbours.
To survive a more volatile 2026, Thai exporters are being encouraged to pivot toward high-end, branded craftsmanship where margins are less sensitive to currency fluctuations.
