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GIT Information Center
Thailand Gem and Jewelry Import-Export Performance January- July 2021

Thailand’s gem and jewelry export value from January to July 2021 fell 54.02 percent, compared to the value of USD 12,064.20 million of the same period in 2020, to USD 5,546.53 million. However, Thailand’s gem and jewelry export value (excluding gold) of the first 7 months of 2021 increased 26.58 percent year-on-year because of economic activities have been resumed and confidence has continually regained

GIT Information Center
Thailand Gem and Jewelry Import-Export Performance January- June 2021

Thailand’s gem and jewelry import value of January to June 2021 was USD 7,199.54 million, a 102.54 percent surge compared to the previous year. Unwrought or semi-finished gold, Thailand’s chief import product accounting for around 73 percent, skyrocketed 139.46 percent. The imports of diamonds, silver, fine jewelry, and colored stones rose 62.25, 59.72, 12.53 and 12.37 percent, respectively.

Thailand’s gem and jewelry export value from January to May 2021 slipped 62.95 percent, compared to the same period in 2020, to USD 3,547.84 million. However, Thailand’s gem and jewelry export value (excluding gold) of the first 5 months of 2021 increased 12.89 percent year-on-year owing to the growths in exports to several key markets such as the US, India, and the UK

In the world where sustainability becomes a critical issue, ethical consumption can be achieved in part by knowing the journey of the product you are buying. Even more so, the appreciation for the sweats shed in the process may even increase the value of the product itself. Thailand is a small country in the world of business, but when it comes to producing these lustrous objects, the country is a hidden gem. They pride themselves over the long history of uniquely handcrafted artisans found everywhere from temples to theatres. Similarly, their distinguishing aspect in the gem and jewelry industry is the incomparable level of expertise in processing rough colored gemstones. The skill is supported by cutting-edge technologies that provide standards and knowledge. In addition, The Gem and Jewelry Institute of Thailand, or GIT, has been promoting sustainability in the country’s gem and jewelry ecosystem via various means. Together, this results in high quality products with competitive prices from transparent sources.

Gem and jewelry industry is one of the industries contributing to air pollution throughout its supply chain from material sources to delivery of finished products to consumers. Most of the production cycles creating high carbon footprint are of gem and precious metal mining as well as manufacturing processes to create jewelry. Inevitably, carbon dioxide is released into environment through these processes. Nowadays, many companies in the industry have increasingly given priority to environmental issues. With the goal to decrease greenhouse gas emissions, manufacturing processes have been adjusted to employ green renewable energy.

Country Brand, a marketing strategy, has increasingly drawn attention of many countries because a good national image is a tool in ensuring product quality as well as raising competitiveness and adding value to products. For instance, consumers have no hesitation in purchasing products made in Germany or Japan. This is because they are confidence of the countries’ production quality; hence they are willing to pay despite high prices. However, a country’s respectable image requires long accumulated reputation and continued image building marketing. Which countries have started to build their country brand to boost export opportunity? More details are featured in the following article.

Ethics and sustainability have been recognized and practiced by many sectors. The gem and jewelry industry has also built awareness and specified the definition of ethics. It covers from upstream to downstream—transparent mining, providing good hygiene for workers, offering origin traceability throughout supply chain, being mindful of possible impacts to environment and neighboring communities, using reused or recycled materials, and giving fair wages.

Establishing Gem and Jewelry Business in Thailand

Gem and jewelry industry generates an average revenue of nearly one trillion baht to Thailand. The industry employs more than 1 million workers throughout its supply chain. Thailand has an advantage of being a source with constant inflow of diversified raw materials from producing countries. Furthermore, Thai diamond and colored stone lapidaries and jewelry craftsmen are highly regarded in the international markets. Therefore, Thai gem and jewelry products have been globally renowned in the global market. Consequently, both Thai and foreign operators have been drawn to establish their gem and jewelry businesses in Thailand.

Thailand’s Import and Export Procedures for Gem and Jewelry

The importer must submit the import entry declaration and other related documents to the customs officer at the port of entry for customs clearance. The entire process, including duty payment, is now in the digital system and can be done by the importer, by a shipping agent or through a service counter.

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