Thailand’s gem and jewelry export value from January to September 2024 amounted to USD 12,448 million, a 11.85% increase compared to the same period of last year. The products ranked as the country’s third most important exports with a 5.58% 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 7,053.53 million, a 9.83% rise year-on-year.

The personalized jewelry market is rapidly expanding as modern consumers seek pieces that reflect their individuality. Jewelers are capitalizing on this trend by involving customers in the design process, from selecting materials and gemstones to creating custom designs. This approach results in unique, exclusive jewelry that stands out from conventional offerings.

Thailand’s gem and jewelry export value of January-August 2024 increased 16.27 percent from the value of USD 8,971.90 million last year to USD 10,431.81 million. The products were listed as Thailand’s third most important exports with a 5.29 percent share of the country’s gross exports. However, without the export value of unwrought gold, the actual export value of gem and jewelry products was USD 5,778.30 million, a 7.82 percent growth from the same period of last year.

Thailand’s gem and jewelry export value of January-July 2024 grew 13.86 percent from the value of USD 8,169.65 million last year to USD 9,301.92 million. The products were listed as Thailand’s third most important exports with a 5.44 percent share of the country’s total exports. However, without the export value of unwrought gold, the actual export value of gem and jewelry products was USD 5,103.78 million, a 6.65 percent growth from the same period of last year.

In the rapidly evolving landscape of international trade, Thai jewelry businesses face a stark reality: go digital or risk obsolescence. The Chinese market, with its vast potential and tech-savvy consumers, presents both an immense opportunity and a formidable challenge for Thai jewelers.

Thailand’s gem and jewelry export value from January to June 2024 amounted to USD 7,573.12 million, a 2.86% Increase compared to the same period of last year. The products ranked as the country’s third most important exports with a 5.21% 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 4,555.97 million, a 8.48% rise year-on-year.

Thailand’s gem and jewelry export value of January- May 2024 went down by 1.70 percent from the value of USD 6,433.63 million last year to USD 6,324.15 million. The products were listed as Thailand’s third most important exports with a 5.25 percent share of the country’s gross exports. However, without the export value of unwrought gold, the actual export value of gem and jewelry products was USD 3,851.79 million, a 11.24 percent rise from the same period of last year.

Thailand’s gem and jewelry export value of January-April 2024 fell by 8.83 percent from the value of USD 5,392.07 million last year to USD 4,915.74 million. However, without the export value of unwrought gold, the actual export value of gem and jewelry products was USD 3,025.71 million, a 13.39 percent rise from the same period of last year. Because of the key export markets has expanded in line with the global manufacturing sector’s growth sign.

Thailand’s gem and jewelry export value from January to March 2024 amounted to USD 4,115.13 million, a 0.28% decrease compared to the same period of last year. The products ranked as the country’s third most important exports with a 5.80% 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 2,513.73 million, a 13.36% rise year-on-year.

In 2024, the global economy continues to navigate a myriad of ongoing changes that have extended from the previous year. Various factors are poised to significantly impact diverse industries, including the gem and jewelry sector. Notably, the pivotal roles played by China and India serve as crucial variables influencing both demand and supply, thereby shaping the trajectory of the 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.

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.

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.

The Gem and Jewelry Institute of Thailand (GIT) has been conducting extensive study on "Colored Stone Quality Standards," especially on gem corundum, for over two decades. To better serve the global ruby market, a new trade color known as "Rabbit's Eye Red" for ruby has been developed and implemented to fill a gap in the fine color of ruby.

The recent covid-19 outbreak has altered people's behavior all around the world. People are beginning to favor products and services from firms that emphasize sustainability, social responsibility, and environmental friendliness as a result. This tendency drives producers in various industries, including gem and jewelry, to develop more responsible supply chains in order to contribute to the problem's resolution.

Changes are inevitable, especially in this era when it is believed that everyone must have at least heard of or known about ‘Disruption’. The word refers to significant changes in the environment that bring more attention to such conversions, particularly those driven by technology, which are the key mechanism of change in many fields. Similarly, changes have been observed in the gem and jewelry business. Changes caused by technology might be minor, major, quick, gradual, low-profile, high-profile, imminent, or stagnant. Let us examine the changes and their intriguing elements.

The Middle East is one of the world’s largest markets with high purchasing power.specifically those in the Gulf Cooperation Council (GCC), which consists of six members: the United Arab Emirates, Bahrain, Kuwait, Oman, Qatar, and Saudi Arabia. With no or limited capacity to manufacture most products for domestic consumption, these countries depend on the import, not only of consumer products but also luxury, including gem and jewelry. Therefore, this market offers a promising opportunity for Thai gem and jewelry.

Metaverse is the technology designed to connect the real and the virtual worlds. Each virtual world offers an opportunity for businesses or brands to advertise, organize events, launch campaigns, as well as design and sell non-fungible token (NFT) products. It offers new options for gaining revenue, raising brand awareness as well as establishing close relationships with customers.

With the economic fluctuation during the past two years, the investment trend is heading towards an increasing variety of alternative assets. Now the new trending digital asset called NFT is gaining interest from people around the world. Selling NFTs is one of the options chosen by professional and amateur artists as the main channel to approach their targets, where their works can be displayed and sold directly without the help of physical exhibiting venues. Thus, the NFT platform has become a practical solution during the covid-19 pandemic, resulting in its rapid growth.

Entrepreneurs have accelerated adaptations during the pandemic by exploring new trade channels and modifying company strategy to take advantage of opportunities presented by digital technology. As people’ perspectives and way of living have changed after the pandemic, the technologies have increasingly played a vital role in society and lifestyles. Such movement has brought about the Next Normal living trends, which began to expand widely and become influential to future life and economy.

Big 4 gemstones consist of diamonds, rubies, sapphires, and emeralds. They remain the most sought-after among all gemstones. People generally buy them as heirlooms, wedding gifts, and for long term speculation, consumption of the Big 4 gemstones in 2022 has been gradually recovering owing to purchasing power of the world’s key gemstone consumer markets, which are the US, Europe, China, and India.

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.