Thailand’s gem and jewellery exports experienced a significant surge in January 2025, nearly tripling in value compared to the same period last year, according to the Gem and Jewelry Institute of Thailand (GIT).
The sector recorded exports worth $1.73 billion, reflecting a 148.82% year-on-year increase. When including gold, the total export value rose to $2.90 billion, marking a 148.87% increase.
“This is a very strong start to the year,” said Sumed Prasongpongchai, GIT director. He noted that January’s figures marked the third consecutive month of growth. “Nearly all product categories saw increased exports, except for diamonds.”
Gold exports alone reached $1.17 billion, a rise of 148.95% from January 2024. Analysts attribute this growth to rising gold prices, which averaged $2,709.69 per ounce in January, fueling speculative trading.
Platinum saw the most significant growth among product categories, with exports soaring to $967.29 million—an astonishing 452,751.32% increase. This surge was largely driven by expanded trade with India.
Economic policies under U.S. President Donald Trump, including possible Federal Reserve interest rate cuts and increased tariffs, have strengthened gold’s appeal as a safe-haven asset. Goldman Sachs projects that gold prices could reach $3,000 per ounce this year due to geopolitical tensions, economic uncertainty, and increased central bank purchases.
India remained Thailand’s largest export market, recording a sharp 1,893.86% increase in imports. Other notable markets included Qatar (47.87%), the United States (36.44%), the United Kingdom (15.66%), Italy (7.75%), and the United Arab Emirates (1.02%). However, exports to Hong Kong, Japan, Belgium, and Germany declined.
Gold and silver jewellery exports increased by 6.54% and 8.46%, respectively, while platinum jewellery rose by 38.16%. Rough and polished gemstone exports also grew due to increased investment purchases. In contrast, diamond exports fell, impacted by lower demand in key markets such as Hong Kong and Belgium.
Sumed remains optimistic about continued strong performance throughout the first quarter, citing seasonal festivities and major international trade shows as key drivers. However, he warned that shifting U.S. trade policies could escalate tensions and increase trade barriers, potentially impacting the sector. Ongoing geopolitical conflicts in the Middle East and Ukraine also present significant challenges.
For 2025, jewellery trends include brightly colored pastel gemstones, layered necklaces and bracelets, and mixed precious metals. The industry is also witnessing a growing focus on ethical, sustainable, and transparent sourcing, reflecting evolving consumer preferences.
The GIT expects continued strong growth in the first quarter, particularly in gold exports.
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