Phnom Penh, Cambodia – In a remarkable surge, Cambodia recorded a staggering $851 million from the export of jewellery and precious stones to the global market in 2023, marking a remarkable 261% increase compared to the previous year, according to the Ministry of Commerce.
Tan Tepi Kanika, Ministry Undersecretary of State, highlighted this remarkable export value during a press conference, announcing the 15th Cambodia International Jewellery and Gems Exhibition scheduled to take place in Phnom Penh later this year. Kanika attributed this exceptional growth to the successful collaboration between the ministry, the private sector, and the Cambodian Gems and Jewellery Traders Association (CGJTA).
Chhay Sinath, Acting President of the CGJTA, emphasized the significance of the upcoming exhibition, set to run from March 21-25. He stressed that the event will not only showcase the potential of Cambodia’s jewellery and gem sector but will also offer insights into the growth and design of contemporary Cambodian finery.
Sinath remarked, “It is also a great opportunity for all Cambodian traders and jewellery designers to meet and collaborate with foreign partners to promote their businesses.”
Hong Vanak, Director of International Economics at the Royal Academy of Cambodia, highlighted the country’s rich history in processing jewellery, precious gems, and art objects. While acknowledging the substantial increase in export value, Vanak clarified that Cambodia’s abundance in raw materials like gold and gems is limited, as most products are imported for processing before being exported.
Vanak expressed pride in Cambodia’s ability to showcase its heritage and ancestral sculptures through jewellery, becoming a source of inspiration for new fashion trends.
Despite significant annual spending on importing gold and precious stones for processing, Vanak remains optimistic about future export growth. The Ministry of Mines and Energy reported that, since the initiation of gold production in June 2021, Cambodia has produced nearly 9 tonnes of gold by mid-November 2023.
Energy Minister Keo Rattanak shared during the “Mining and Energy Policy in Cambodia” forum last November that six companies were refining gold in various provinces, contributing additional revenue to the national budget. As of November, Cambodia had produced about 1,040 bars of gold, yielding over $14.4 million in royalties for the government.
