Thai jewelry industry hurt considerably by Eurozone debt and US crises

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BANGKOK, 1 August 2012  – The Eurozone debt crisis and the problems in the US economy have hurt Thailand’s jewelry export sector considerably. 

The Gem and Jewelry Institute of Thailand (GIT)’s Executive Director Kritcharat Hirunyasiri said on Tuesday that the economic crisis in Europe has led the Thai jewelry export industry to slow down, while the US crisis also plunged the export growth to shrink 9 percent during the past 5 months.

In order to counterbalance the contraction, Thai jewelry exporters have been forced to expand into other more viable markets, such as Hong Kong, Japan, Russia and the Middle East.

Mr. Kritcharat, however, affirmed that Thailand’s jewelry business operators still possess high export potential, especially those who produce silver accessories.