GIT revealed that gem and jewelry exports for 2 months of ’22 continued to grow, with a value of 2,077.65 million US dollars, an increase of 101.15%, driven by speculative gold exports that grew 324.82%. If gold is excluded, exports are still positive 41.92. % but the trend continues Keep an eye on the impact of war, inflation and omikron that are still spreading.
On March 31, 2022, Mr. Sumeth Prasongpongchai Director of the Gem and Jewelry Institute of Thailand (Public Organization) or GIT revealed that Thailand’s gem and jewelry exports during the two months of 2022 (Jan.-Feb.) were valued at US$ 2,077.65 million, an increase of 101.15%, accounting for 4.66% of goods. Thailand’s overall exports
But if the export of gold that has not yet been formed It was found that the real exports of gems and jewelry were valued at US$1,158.90 million, an increase of 41.92%, which is a continued high growth. and reflects the recovery of the industry After experiencing a slowdown in purchasing power from the impact of COVID-19 in the past
Factors causing the export of gems and jewelry to increase came from the recovery of the global economy and major trading partners’ economies increase purchasing power With important export markets expanding, for example, the United States is still Thailand’s No. 1 market, increasing 52.10%, India, increasing 141.25%, Hong Kong, which in the past, exports have been slowing down, increasing 25.89% for 2 consecutive months, Germany added. 6.13% United Kingdom, an increase of 132.84%, etc.
For key products exported increased, such as silver jewelry, increased 16.65%, gold jewelry, 48.51%, rough diamonds, 31.82%, polished diamonds, 81.37%, lumps, 58.88%, polished hard gems, 68.99%, polished soft gems, 57.41%, artificial jewelry. Added 38.86%, scraps or scraps made of precious metals increased by 54.17% and gold increased by 324.82% as the world gold price rose. and are exported to be sold for profit Platinum jewelry, 15.83% off
Mr Sumet said From monitoring the situation of gems and jewelry exports during 2 months, it was found that there has been a continuous recovery. from the fact that countries with significant purchasing power such as the United States, India, Hong Kong, Germany and the United Kingdom recover better But must keep an eye on the impact of the Russian-Ukrainian war situation. which is the pressure causing inflation in Thailand’s key trading partners to rise This will affect purchasing power in the luxury goods category. And there is also the impact of the Fed’s interest rate hike. and the COVID-19 situation undiscovered omikron species
However, in the export of gems and jewelry from now on Entrepreneurs must use digital technology to help. especially online sales of increasing importance and use online trade negotiations to sell products because there is a continuous growing trend
