Rise in Thai Gem and Jewelry exports

Thai Gem and Jewelry Traders Association (TGJTA) have released figures that show the country’s gem and jewelry exports increased nearly 60 percent in the first 10 months of 2008. This is in 58 percent rise over the same period in 2007, when the exports of gem and jewelry were $4.24 billion. Between January and October 2008, Thailand’s gem and jewelry exports rose to $6.7 billion with five top export markets for this period being Hong Kong, Australia, the United States, Switzerland and Israel.

Thai diamond industry serves as a cutting and polishing center for larger, high-quality stones, according to the TGJTA. Exports of polished diamonds totaled $971.3 million and the main export destinations for polished diamonds from Thailand were Antwerp, Belgium ($247.4 million), Ramat Gan, Israel ($239.4 million), and Hong Kong ($187.2 million).

From January-October 2008, Thailand exported $480.4 million in loose colored gemstones, up from $313.7 million for the same period in 2007. The top five destinations for Thailand’s loose colored gemstones were Hong Kong, the United States, Switzerland, India and Japan.

TGTJA President Vichai Assarasakorn expresses his hopes that Thailand’s gem and jewelry industry may help fight the economic turmoil in the country now.

“Times are not easy, and in January, we’ll all have a better idea of where the market is heading. However, Thailand is one of the centers with the best chances to succeed this coming year. It offers a wide and high-quality product range, cheap labor costs, expert workmanship and manufacturing, as well as excellent service,” Assarasakorn said. “The 43rd Bangkok Gem and Jewelry Fair will be a showcase of our strengths.”

The fair is scheduled for Feb. 25-March 1 in Bangkok, Thailand.