Jewellery exports tipped to rise

Jewellery exports tipped to rise

Models display precious gems at the opening of the Bangkok Gems & Jewelry Fair 2019, which runs until Sunday at Impact Muang Thong Thani.
Models display precious gems at the opening of the Bangkok Gems & Jewelry Fair 2019, which runs until Sunday at Impact Muang Thong Thani.

Gem and jewellery exports are expected to eke out growth this year despite the prospect of a global economic slowdown and the ongoing trade spat between the US and China.

Banjongjitt Angsusingh, director-general of the International Trade Promotion Department, said the department remains positive that overall gem and jewellery shipments (including gold) will grow by 1-3% this year from last year's US$12 billion, which was up 4.7% from 2017.

"Thai gems and jewellery still have strong points such as better craftsmanship and design quality than those of other exporters," Ms Banjongjitt said.

"More importantly, Thai gems and jewellery come up with product variety."

Gem and jewellery exports rank third in the country's total export value, trailing automotive/parts and computers/parts.

The industry employs more than 700,000.

Boonkij Jitngamlang, president of the Thai Gem and Jewelry Traders Association, said gem and jewellery exports are likely to see little impact from the escalating trade war.

But he warned the strong baht could pose a threat to Thai exports generally.

In January, the association said gem and jewellery exports could grow by as much as 5-10% this year, as the market is focused on the high-end and mid-market segments.

Thailand ranks No.1 in global silver jewellery shipments, with the US the biggest destination market.

Precious stones are on display at the Bangkok Gems and Jewelry Fair, which ends Sunday at Impact Muang Thong Thani. PORNPROM SATRABHAYA

In addition, Thailand is one of the biggest exporters of coloured stone products to China and a leading gold jewellery exporter.

Mr Boonkij said Thailand's gem and jewellery exports could fetch more than 10% growth every year if local manufacturers upgrade innovation, marketing and branding, as import tariffs on most raw materials are near zero.

To promote Thai gem and jewellery exports, the International Trade Promotion Department has organised the Bangkok Gems and Jewelry Fair at Impact Muang Thong Thani.

The event, welcoming over 900 exhibitors, ends this Sunday.

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