Thai gem exports drop 29.32% in February, but gold shipments stay strong

Thailand’s gem and jewellery exports, excluding gold, were worth US$1,624.04 million in February 2026, down 29.32% year on year, reversing the growth seen in January, according to Sumeth Prasongphongchai, director of the Gem and Jewelry Institute of Thailand (GIT). When gold is included, total exports stood at US$2,727.77 million, down 15.59%. Over the first two months of 2026, exports excluding gold reached US$3,432.16 million, down 14.88%, while total exports including gold rose 18.92% to US$7,293.97 million.

Gold remained the standout performer. Gold exports alone were worth US$1,103.74 million in February, up 18.22%, extending growth for a seventh straight month as higher global gold prices, geopolitical tensions involving the United States, Israel and Iran, new US tariffs under Section 122, and continued purchases by SPDR Gold supported demand. For the first two months of the year, gold exports totalled US$3,861.81 million, up 83.76%.

Among export markets, shipments to Hong Kong rose 26.80%, Germany 25.47%, Italy 38.73%, the United Arab Emirates 189.27%, Japan 85.07%, the United Kingdom 14.45%, Belgium 14.31% and Switzerland 138.85%. By contrast, exports to India fell 39.50% and those to the United States dropped 26.57%, after importers had brought in stock earlier, leading to a continued slowdown in orders.

By product category, exports of gold or silver articles and parts surged 206,370.439%, fine jewellery rose 24.15%, gold jewellery 29.67%, platinum jewellery 362.26%, rough gemstones 99.87% and silver 752.09%. Meanwhile, silver jewellery fell 3.23%, cut precious stones dropped 3.85%, cut semi-precious stones declined 17.11%, rough diamonds slipped 6.05% and polished diamonds were down 3.86%.

Sumeth said the export outlook would continue to depend heavily on the global economy, which remains under pressure from geopolitical tensions, trade uncertainty and the direction of US interest rates. He added that the escalating conflict in the Middle East, severe tightness in the oil market and the closure of the Strait of Hormuz — a route for about 20% of global oil exports — were increasing the risk of a wider global slowdown. Volatility in the baht is also adding pressure, weakening buyers’ purchasing power and reducing Thailand’s competitiveness in gems and jewellery.

Despite this, he said Thai operators should strengthen supply-chain resilience by managing logistics and raw material costs more efficiently, while adopting technology and traceability systems to verify conflict-free sources of raw materials. He also urged businesses to pay closer attention to foreign exchange risk and diversify export markets to reduce overreliance on any single destination and cushion the impact of global uncertainty.