G7 Nations and Allies' Bans on Russia Diamonds: Impacts on the Global Diamond Market
Since January 2024, the G7 nations-Canada, France, Germany, Italy, Japan, United Kingdom, and the United States and the European Union have enforced bans on direct and indirect imports of diamonds from Russia to curb funding for its invasion of Ukraine. Starting March 1, 2024, the ban will extend to Russian diamonds cut and polished in third countries. A comprehensive traceability system will be implemented by September 2024. These sanctions, imposed by the G7 and their allies on Russia, the world's largest diamond producer, will pose ongoing challenges to the global diamond industry.
Thailand Gem and Jewelry Import-Export Performance January-December 2023
In 2023, Thailand experienced a 2.83% decrease in gem and jewelry exports, totaling USD 14,636.88 million. Despite ranking as the country’s third most important export category, following automobile and computer respectively, with a share of 5.14% of Thailand’s total gross exports, the actual export value, excluding unwrought gold, showed resilience with an 8.40% year-on-year increase, reaching USD 8,658.11 million. This performance highlights the sector’s adaptability and sustained strength in the face of overall export challenges.
Thailand Gem and Jewelry Import-Export Performance January-November 2023
Thailand’s gem and jewelry export value from January to November 2023 amounted to USD 13,664.59 million, a 5.73% decrease compared to the same period of last year. The products ranked as the country’s third most important exports with a 5.22% share of Thailand’s total gross exports. Nevertheless, when deducting unwrought gold from the total export value, the actual export value of gem and jewelry was USD 8,101.45 million, a 8.51% rise year-on-year.
Thailand Gem and Jewelry Import-Export Performance January-October 2023
Thailand’s gem and jewelry export value from January to October 2023 amounted to USD 12,705.21 million, a 6.76% decrease compared to the same period of last year. The products ranked as the country’s third most important exports with a 5.37% share of Thailand’s total gross exports. Nevertheless, when deducting unwrought gold from the total export value, the actual export value of gem and jewelry was USD 7,391.86 million, a 9.05% rise year-on-year.
Thailand Gem and Jewelry Import-Export Performance January-September 2023
Thailand’s gem and jewelry export value from January to September 2023 amounted to USD 11,128.29 million, a 10.44% decrease compared to the same period of last year. The products ranked as the country’s third most important exports with a 5.22% share of Thailand’s total gross exports. Nevertheless, when deducting unwrought gold from the total export value, the actual export value of gem and jewelry was USD 6,643.65 million, a 9.09% rise year-on-year.
Impacts of India-UAE CEPA on Thai Gem and Jewelry
In February 2022, India and the United Arab Emirates (UAE) signed the Comprehensive Economic Partnership Agreement (CEPA) during the India-UAE Virtual Summit. With the agreement now in force, customs duties on imports between the two countries have been reduced and exempted since May 2022, providing India's gem and jewelry with an even greater advantage in the UAE.
Pandora CEO: Sustainability not a priority for consumers
Pandora’s CEO has made intriguing comments about the importance of sustainability to his business.
Hong Kong Jeweler TSL Warns of Major Loss for Full Year
Tse Sui Luen (TSL) expects to report a “significant” loss for its full fiscal year amid a decrease in the desire for diamond jewelry in China.
NDC launches new global platform to champion unique values of natural diamonds
The Natural Diamond Council global platform is structured around the framework: Real. Rare. Responsible.
All the Most Spectacular Jewelry at the 2024 Oscars
The gowns on the 2024 Oscars red carpet riffed on classic Old Hollywood elegance, but when it came to jewelry, it was a case of one size fits all—and that size was extra large.
Jewelry Segment Sees Rebound in Recovering China Luxury Market
Jewelry was one of the strongest categories as China’s luxury market expanded in 2023 following the resurgence of tourism, according to a new report by Bain & Co.
Asia driving growth in jewellery trade
Buyers from Asia are fuelling business in the jewellery and gemstone industry, which continues to face lacklustre demand from an economically challenged China.
China's Soft Power: Where Jade Meets Gadgets and Life Gets Lit!
Remember Thailand and their delicious soft power smorgasbord? Well, move over, mango sticky rice, because China's got a new dish on the menu – Jade Tech Surprise! We're talking ancient craftsmanship, sleek silicon, and enough daily-life upgrades to make your fortune cookies jealous.
Factors Expected to Impact Global Diamond Demand in 2024
Even as the reverberations of the pandemic-induced fluctuations in diamond demand recede, Paul Zimnisky foresees a simultaneous reduction in the consequential ripples.
Fancy colour diamonds lead Phillips’ HK sale
Blue, yellow and orangey-pink diamonds were the stars of Phillips’ latest auction in Hong Kong, demonstrating sustained demand for exceptional fancy colour diamonds.
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