Gold demand drives Thailand’s gems and jewellery exports higher
May 2026 exports excluding gold were worth US$860.73 million, while shipments including gold reached US$2.27442 billion.
- Thailand's total gems and jewellery exports, including gold, surged by 29.41% to US$15.66 billion in the first five months of 2026.
- Gold was the primary driver of this growth, with gold-only exports increasing by a substantial 51.62% during the same period.
- By comparison, exports excluding gold grew at a much slower rate of 11.11%, highlighting gold's significant impact on the overall figures.
- The strong demand for gold was attributed to purchases by central banks, investment, and its use in jewellery.
Sumed Prasongpongchai, director-general of The Gem and Jewellery Institute of Thailand (Public Organisation), or GIT, said exports of gems and jewellery excluding gold were worth US$860.73 million in May 2026, up 1.82% and extending growth for a third consecutive month. Including gold, exports were worth US$2.27442 billion, up 29.74%.
In the first five months of 2026 (January-May), exports excluding gold totalled US$7.3719 billion, up 11.11%, while exports including gold totalled US$15.66388 billion, up 29.41%.
Gold-only exports in May 2026 were valued at US$1.41369 billion, up 55.75%, supported by purchases by central banks in several countries, gold investment and demand for gold in jewellery.
This came even as global gold prices began to ease to US$4,587.52 per ounce, declining for three consecutive months as Middle East tensions eased and the SPDR Gold fund sold gold.
In the first five months, gold exports totalled US$8.29198 billion, up 51.62%.
By month, January 2026 was US$2.75808 billion, up 136.16%; February 2026 was US$1.10374 billion, up 18.22%; March 2026 was US$1.79958 billion, up 24.28%; and April 2026 was US$1.21689 billion, up 20.27%.
By export market, India rose 2.84%, Hong Kong 8.59%, Germany 41.77%, Switzerland 67.15%, the United Arab Emirates 65.60%, the United Kingdom 5.50%, Italy 32.17%, Japan 42.08% and Belgium 22.36%.
The United States fell 11.371% as importers had brought forward purchases earlier, causing imports to slow continuously from the start of the year to the present.
By product group, genuine jewellery rose 68.17%, gold jewellery 15.59%, platinum jewellery 2,674.53%, gold or silver articles and components 73,582.81%, rough gemstones 136.86%, rough diamonds 36.73%, polished diamonds 11.32% and silver metal 142.46%.
Silver jewellery fell 4.43%, cut hard gemstones 0.48% and cut soft gemstones 1.48%.
Sumed said the outlook for gems and jewellery exports in July 2026 would continue to benefit from importers rushing to buy goods to manage risks from uncertainty over US tariff measures, concerns over supply chains and higher raw-material prices, and a weaker baht, which helps improve product competitiveness and supports exports.
“We must closely watch risk factors after the G7 and Europe warned of economic fragility, a new round of inflation and trade risks. Also to be monitored are the US tariff policy, how it will be concluded, and the Middle East crisis, which has flared up again,” Sumed said.
