FRIDAY, March 29, 2024
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Gems and jewellery exports dazzle in 2019

Gems and jewellery exports dazzle in 2019

Gems and jewellery exports in the first 11 months of 2019 expanded 34.73 per cent year on year to US$14.97 billion (Bt453.6 billion), thanks to an increase in trading by foreign gold prospectors and the high demand for coloured gemstones in foreign markets, Deputy Commerce Minister Weerasak Wangsupakitkosol said.

“If we were to remove gold from the tally, as its prices see high fluctuation, the total value will be $7.61 billion (Bt236.16 billion), up 6.60 per cent,” he added.
Weerasak explained that among the factors boosting exports in this sector was the difference in the buying and selling prices of gold, which attracted foreign prospectors looking for quick gains, and as a result raised gold exports by 85.35 per cent. “Another reason for the high exports is the surge in demand for coloured gemstones in foreign markets,” he said. “The demand for chunk, precious and semi-precious gemstones went up by 295.05, 7.07 and 11.29 per cent respectively.”
Exports to Asean countries rose to 198.09 per cent on average -- jumping by 295 per cent to Singapore and 238 per cent to Cambodia -- followed by India with 93.23 per cent. However, Thailand’s top export market -- Hong Kong -- saw exports decline by 4.64 per cent due to the ongoing political protests, which have forced many retailers to shut down.
“Exports to the US and China also fell by 5.88 and 23.48 per cent respectively due to the impact of the trade dispute between the two countries, while exports to Japan shrank 6.59 per cent due to a hike in consumer tax,” Weerasak added.
He warned that exports in 2020 might face pressure from the ongoing trade wars and the strengthening baht. Weerasak advised exporters to monitor the situation closely and use modern technology to track market demand in real time. “In 2020, it is expected that the trend of classic blue colour will dominate the market. Thailand has many products in that category like sapphire, lapis lazuli and tanzanite,” he added.

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