The Gem and Jewelry Institute of Thailand (GIT) released the latest data on the 10th, indicating that Thailand's gem and jewelry exports in January surged nearly threefold compared to the same period last year.
The data shows that in January, the industry's export value reached $1.73 billion, a year-on-year increase of 148.8%. Including gold, the total export value was $2.9 billion, up 148.9% year-on-year.
GIT President Sumed Prasongpongchai stated that as of January, the industry has achieved positive growth for three consecutive months, with exports increasing across almost all product categories except diamonds.
Sumed attributed this growth to the rise in gold prices, with the average gold price in January at $2,709.69 per ounce, stimulating increased speculative trading.
India was the largest growth market for Thailand's gem and jewelry exports, with an increase of 1,893.86%. Other notable growth markets included Qatar (47.87%), the United States (36.44%), the United Kingdom (15.66%), Italy (7.75%), and the United Arab Emirates (1.02%). Meanwhile, decreased demand in markets such as Hong Kong and Belgium led to a decline in diamond exports (including both rough and finished diamonds).
Sumed expressed confidence in the industry's continued strong growth in the first quarter of this year, citing seasonal celebrations and major international trade exhibitions as key driving factors.