Gem & jewelry export growth expected to remain at 5%

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BANGKOK – The Thai Gem & Jewelry Traders Association (TGJTA) estimates this year’s jewelry export growth at five percent despite a slowdown in the first quarter.

The TGJTA’s President, Suttipong Damrongsakul announced today that jewelry and gold exports in the first three months generated 131 billion baht in revenue, a 22.5 percent drop from 169 billion baht year-on-year. Exclusive of gold exports which fell 38.8 percent, gem and jewelry exports by manufacturers in the first quarter were valued at 70.9 billion baht, a 0.06 percent rise on the same period last year.

Regardless of the disheartening figures, the association remains hopeful exports to major markets and its efforts to penetrate China could push up earnings in coming quarters and maintain the growth of non-gold jewelry exports at five percent. Main importers are Hong Kong, the United States, Germany, Switzerland and Belgium which represent 66.18 percent of the country’s gem and jewelry export.

The association is scheduled to stage the Thailand Gems & Jewelry Fair 2017 between 15th and 18th June which will coincide with the Thailand Grand Sale, a shopping fair held by the Tourism Authority. Both events are expected to draw visitors and shoppers to the country. The association believes the Finance Ministry’s decision to exempt rough gemstones from import tariffs will boost the competitiveness of the country’s gem and jewelry industry.

The association, commented however, that political and economic volatility as well as security problems in the importing countries could affect buyers’ confidence.