The export value of gems and jewellery grew by 29% in the past seven months despite unfavourable trading terms with the rising baht.
The Gem and Jewellery Institute of Thailand director, Duangkamol Jiambutr, puts the value of exports from January to July at US$9 billion or approx. 280 billion baht, a 29.3% increase year on year.
Gold exports led the climb, rising in value 72.7%, matching the global gold price.
Amid trade disputes involving the US, China, the European Union and Iran, investors continue to see gold as a safe bet and trading has steadily increased. Thailand’s top export market for gems and jewellery is Switzerland with 56% of total export value, followed by Singapore and Cambodia.
The value of Thai jewellery exports among other Southeast Asian countries soared 108.3% in those same seven months, with Singapore taking an 82% share of the offerings, up 178% from the same period last year.
The export value stemming from demand in India rose 91%, mainly in raw materials and semi-finished products.
Duangkamol says Thai gem and jewellery exports benefited from Washington’s imposition of tariffs on Chinese products including jewellery, opening the door to the US market wider for Thailand.
He said Thailand must nevertheless carefully monitor tensions between the US and Iran, the Hong Kong protests and the effects of the baht’s appreciation.
SOURCE: The Nation