Thailand's Gem and Jewellery Exports Surge in January Amid Rising Gold Prices
January 2025 sees nearly tripling in exports, driven by increasing demand for gold and platinum.
Thailand's gem and jewellery exports have seen a dramatic increase in January 2025, with total export values nearly tripling compared to January of the previous year, according to the Gem and Jewelry Institute of Thailand (GIT).
The total export value reached approximately $1.73 billion, marking a 148.82% increase year-on-year.
When including gold exports, the total climbed to approximately $2.90 billion, reflecting a surge of 148.87%.
GIT Director Sumed Prasongpongchai noted this performance represents the third consecutive month of positive growth for the sector.
He indicated that nearly all product categories saw increased exports with the exception of diamonds.
The export of gold alone contributed $1.17 billion, which is a significant jump of 148.95% compared to January 2024. This rise in gold exports corresponds with an increase in gold prices that averaged $2,709.69 per ounce during January, which has spurred speculative trading.
Platinum exports emerged as the most outstanding performer, soaring to $967.29 million, a staggering increase attributed in part to expanded trade with India.
The ongoing implications of U.S. policies under former President Donald Trump, including anticipated Federal Reserve interest rate cuts and increased tariffs on trade partners, have bolstered gold's status as a safe-haven asset, encouraging its appeal in the global market.
Investment firm Goldman Sachs has projected that gold prices could escalate to $3,000 an ounce this year, driven by geopolitical tensions and economic uncertainties, alongside increased purchases by central banks.
India led as Thailand's largest export market, with a remarkable year-on-year increase of 1,893.86%.
Other regions with significant growth included Qatar (47.87%), the United States (36.44%), the United Kingdom (15.66%), Italy (7.75%), and the United Arab Emirates (1.02%).
Meanwhile, exports to territories such as Hong Kong, Japan, Belgium, and Germany experienced declines.
Gold and silver jewellery exports rose by 6.54% and 8.46%, respectively, with platinum jewellery increasing by 38.16%.
Rough and polished gemstones also reported growth due to investment purchases.
Conversely, diamond exports, both rough and polished, fell due to diminished demand in primary markets like Hong Kong and Belgium.
Sumed Prasongpongchai expressed optimism for continued positive performance throughout the first quarter of 2025, bolstered by seasonal festivities and upcoming international trade exhibitions.
However, he noted potential risks due to the evolving trade policies of the U.S. and ongoing geopolitical conflicts in regions like the Middle East and Ukraine that may pose challenges to the industry.
In terms of jewelry trends for 2025, the industry anticipates a rise in brightly colored gemstones in pastel shades, layered necklaces and bracelets, and the mixing of various precious metals.
There is also an increasing focus on ethical, sustainable, and transparent sourcing practices, reflecting a shift in consumer preferences.
The GIT foresees persistent strong growth in gold exports throughout the first quarter.
The total export value reached approximately $1.73 billion, marking a 148.82% increase year-on-year.
When including gold exports, the total climbed to approximately $2.90 billion, reflecting a surge of 148.87%.
GIT Director Sumed Prasongpongchai noted this performance represents the third consecutive month of positive growth for the sector.
He indicated that nearly all product categories saw increased exports with the exception of diamonds.
The export of gold alone contributed $1.17 billion, which is a significant jump of 148.95% compared to January 2024. This rise in gold exports corresponds with an increase in gold prices that averaged $2,709.69 per ounce during January, which has spurred speculative trading.
Platinum exports emerged as the most outstanding performer, soaring to $967.29 million, a staggering increase attributed in part to expanded trade with India.
The ongoing implications of U.S. policies under former President Donald Trump, including anticipated Federal Reserve interest rate cuts and increased tariffs on trade partners, have bolstered gold's status as a safe-haven asset, encouraging its appeal in the global market.
Investment firm Goldman Sachs has projected that gold prices could escalate to $3,000 an ounce this year, driven by geopolitical tensions and economic uncertainties, alongside increased purchases by central banks.
India led as Thailand's largest export market, with a remarkable year-on-year increase of 1,893.86%.
Other regions with significant growth included Qatar (47.87%), the United States (36.44%), the United Kingdom (15.66%), Italy (7.75%), and the United Arab Emirates (1.02%).
Meanwhile, exports to territories such as Hong Kong, Japan, Belgium, and Germany experienced declines.
Gold and silver jewellery exports rose by 6.54% and 8.46%, respectively, with platinum jewellery increasing by 38.16%.
Rough and polished gemstones also reported growth due to investment purchases.
Conversely, diamond exports, both rough and polished, fell due to diminished demand in primary markets like Hong Kong and Belgium.
Sumed Prasongpongchai expressed optimism for continued positive performance throughout the first quarter of 2025, bolstered by seasonal festivities and upcoming international trade exhibitions.
However, he noted potential risks due to the evolving trade policies of the U.S. and ongoing geopolitical conflicts in regions like the Middle East and Ukraine that may pose challenges to the industry.
In terms of jewelry trends for 2025, the industry anticipates a rise in brightly colored gemstones in pastel shades, layered necklaces and bracelets, and the mixing of various precious metals.
There is also an increasing focus on ethical, sustainable, and transparent sourcing practices, reflecting a shift in consumer preferences.
The GIT foresees persistent strong growth in gold exports throughout the first quarter.
