Thailand reports 70.2% increase in gem and jewellery export

The first nine months of 2008 have been rewarding for exports in diamond, gem and jewellery industries of Thailand, as reported by the Thai Gem and Jewelry Traders Association (TGJTA). The three industries cumulatively ranked fourth on Thailand's export listings, only preceded by the machinery, cars and energy.

TGTJA president Vichai Assarasakorn said, "We believe that even in these trying economic times Thailand has the resources and capabilities to retain its leading position in the global gem and jewellery markets. Our relatively cheap labor costs, expert workmanship and manufacturing; and high quality products will continue to compete even in a market that is somewhat depressed."

Exports of gem and jewellery for the said period amounted to $5,96 billion, increasing by 70.2 percent, over the same period in 2007. Exports were driven mainly to Hong Kong ($1.19 billion), Australia ($1,1 billion), USA ($827.4 million), Switzerland (
641.6 million) and Israel ($263.7 million). The worth of exports for the three quarters of 2008 exceeds the corresponding figures for the entire year of 2007.

Majority of the exports in gem and jewellery was accounted by the sale of jewellery, totaling $2,17 billion, scaling up by 64 percent, over the same period a year ago. Exports were directed mainly at USA, Hong Kong the United Kingdom, Italy, Germany, the UEA and Switzerland that were good for $1.42 billion.

Loose coloured gemstones’ exports reached $440.4 million in the first three quarters, increasing by 58 percent compared to the same period last year. The five top destinations were Hong Kong ($153.3 million), the USA ($111.8 million), Switzerland ($46 million), India ($32 million) and Japan ($15.7 million).

Diamond exports included $882.7 million worth of polished diamonds in the said time period, with Israel hogging the top export destination slot ($224.2 million), followed by Belgium ($215.2 million) and Hong Kong (
175.1 million).