Thai gem and jewellery exports rebound sharply as March shipments top US$2bn

Sumed Prasongpongchai, director-general of the Gem and Jewelry Institute of Thailand (GIT), said exports of gems and jewellery, excluding gold, reached US$2.1503 billion in March 2026, up 106.25%.

The sector returned to growth after a decline in February 2026. Including gold, exports were worth US$3.94988 billion, up 58.60%.

For the first three months of 2026, from January to March, exports excluding gold totalled US$5.58246 billion, up 10.01%. Including gold, exports were worth US$11.24386 billion, an increase of 30.382%.

Gold exports alone were valued at US$1.79958 billion, up 24.28%, driven by demand in the global market. Although gold prices in March 2026 fell from February due to selling by some central banks and the SPDR Gold Fund, which shifted to selling after continuous buying, prices remained high amid concerns over the Middle East.

In the first three months, gold exports totalled US$5.66139 billion, up 59.50%. Broken down by month, gold exports in January 2026 were worth US$2.75808 billion, up 136.16%, while February exports were valued at US$1.10374 billion, up 18.22%.

By export market, shipments to India rose 9.69%, Hong Kong 5.94%, Germany 38.15%, Italy 37.77%, the United Arab Emirates 45.36%, the United Kingdom 4.28%, Japan 67.87%, Switzerland 38.30% and Belgium 10.60%.

Exports to the United States fell 21.88%, as importers had accelerated purchases earlier, causing import volumes to slow continuously from the beginning of the year to the present.

By product category, exports of gold or silver articles and parts surged 118,109.54%, while fine jewellery rose 109.78%, gold jewellery 15.05%, silver jewellery 2.64%, platinum jewellery 3,914.71%, rough gemstones 83.62%, silver metal 627.66% and polished diamonds 1.36%.

However, exports of cut hard gemstones fell 6.19%, cut soft gemstones dropped 11.02% and rough diamonds declined 30.38%.

Sumed said overall exports in the first quarter of 2026 continued to expand well, supported by demand from many countries. However, the outlook ahead has begun to show signs of slowing and is facing greater fragility.

This is in line with the International Monetary Fund’s forecast that the global economy will grow by 3.1% in 2026, down from 3.4% the previous year, due to risk factors in the Middle East and the closure of the Strait of Hormuz, which affect energy prices, goods prices, freight costs and investment confidence — all of which weigh on economic growth.

The US market also remains unclear in terms of trade policy, which could affect Thai exports. At the same time, the baht continues to fluctuate, making business planning and pricing more difficult.

Under these risk factors, Sumed said Thai operators must adapt proactively by speeding up risk diversification and expanding marketing channels into regions with lower geopolitical volatility and still-strong purchasing power, such as ASEAN countries and emerging markets.

At the same time, they should strengthen supply-chain management and strictly control production costs to cope with raw material price volatility, especially gold prices, which are expected to continue rising.

Operators should also develop products that use alternative materials and offer greater variety in order to respond effectively to the needs of different consumer groups.