- Top stories in Gem and Jewelry market
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.
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.
Thailand’s gem and jewelry export value of January-August 2023 contracted by 17.55 percent from the value of USD 10,880.15 million in the same period of last year to USD 8,970.33 million. The products were ranked as the country’s third most important exports with a 4.78 percent share of Thailand’s gross exports. Nevertheless, without the export value of unwrought gold, the actual export value of gem and jewelry products was USD 5,357.56 million, a 5.47 percent rise year-on-year.
Thailand’s gem and jewelry export value of January-July 2023 fell 16.47 percent from the value of USD 9,779.58 million in the same period of last year. However, export value of Thai gem and jewelry products (excluding gold) of January-July 2023 increased due to positive factors, which led to the rise of the sector’s PMI and consumer confidence in leading economic countries.
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.
- News update in Gem and Jewelry industry
Leaders of India’s diamond industry have decided to stop the country’s voluntary rough-import pause on December 15, citing an improvement in market conditions.
The market for rough rubies continued to strengthen at the most recent Gemfields auction, which garnered the highest per-carat price in over two years.
Combining the reach of both online jewellery platforms, The Jewellery Room and Auverture take the next step in supporting independent designers
The 15.48-carat fancy intense “Pink Supreme” topped Christie’s fall jewelry auction in Asia, while a Patek Philippe led the watch sale.
Renowned bridal and fashion designer Monique Lhuillier has added lab-grown diamond engagement rings and bands to her fine jewellery collection that is available exclusively at Kay Jewelers.
The Luele mine is expected to eventually make the country the world’s third-largest diamond producer.
Holiday spending in the US is expected to reach record levels from 1st November and 31st December 2023 and will grow between 3% and 4% over 2022 to between $957.3 billion and $966.6 billion, the National Retail Federation (NRF) has forecast.
India has come out on top in the second quarter as the strongest performer, with double-digit year-on-year retail sales growth, among the top four global platinum jewellery markets, while Japanese and US platinum jewellery shoppers have demonstrated some resilience.
Even as the reverberations of the pandemic-induced fluctuations in diamond demand recede, Paul Zimnisky foresees a simultaneous reduction in the consequential ripples.
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