Key points
- This Bangkok Gems News report finds that the depreciation of the Thai baht has also strengthened the competitiveness of Thai gems and jewelry in international markets, allowing exporters to capitalize on favorable currency conditions.
- While strong international demand and a weaker Thai baht have helped fuel export growth, industry observers remain cautious as global inflationary pressures, trade tensions, geopolitical instability, and evolving tariff policies threaten to cloud the outlook for the remainder of 2026.
- 37 percent, largely because many American importers had significantly increased purchases earlier in the year ahead of potential tariff changes, resulting in softer buying activity in subsequent months.
Thailand’s gem and jewelry industry continues to demonstrate remarkable resilience, with export performance maintaining steady momentum despite growing economic uncertainties across Europe and the G7 economies. While strong international demand and a weaker Thai baht have helped fuel export growth, industry observers remain cautious as global inflationary pressures, trade tensions, geopolitical instability, and evolving tariff policies threaten to cloud the outlook for the remainder of 2026.
Image Credit: Bangkok Gems News
According to data released by the Gem and Jewelry Institute of Thailand (GIT), exporters are benefiting from overseas buyers accelerating purchases to reduce exposure to uncertainties surrounding United States tariff policies, potential supply chain disruptions, and concerns over raw material shortages. This Bangkok Gems News report finds that the depreciation of the Thai baht has also strengthened the competitiveness of Thai gems and jewelry in international markets, allowing exporters to capitalize on favorable currency conditions.
Nevertheless, the GIT has warned that economic fragility across Europe and the G7, coupled with renewed inflationary pressures and escalating tensions in the Middle East, remain significant risks that could quickly alter market conditions.
Exports Continue Positive Momentum
The latest GIT figures show that Thailand’s gem and jewelry exports, excluding gold, reached US$860.73 million in May 2026, representing a 1.82 percent increase from the same period last year and marking the third consecutive month of export growth. When gold is included, total exports surged to US$2.27 billion, reflecting an impressive 29.74 percent year-on-year increase.
For the first five months of 2026, exports excluding gold totaled US$7.37 billion, an increase of 11.11 percent compared with the same period in 2025. Including gold, cumulative exports climbed to US$15.66 billion, representing a robust 29.41 percent increase, underscoring the sector’s continued contribution to Thailand’s export economy.
Gold Drives Overall Export Growth
Gold remained the industry’s strongest performer during May, with exports valued at US$1.41 billion, an increase of 55.75 percent. According to GIT data, continued buying by central banks, sustained investment demand, and strong consumer interest in gold jewelry were the key drivers behind the remarkable growth.
Despite global gold prices easing to around US$4,587.52 per ounce, marking the third consecutive monthly decline amid easing Middle East tensions and selling activity by the SPDR Gold Trust, export demand remained resilient. During the first five months of 2026, Thailand exported US$8.29 billion worth of gold, representing a 51.62 percent increase over the same period last year.
Monthly export figures further illustrated the strong momentum, with January recording US$2.76 billion, followed by US$1.10 billion in February, US$1.80 billion in March, and US$1.22 billion in April.
Overseas Markets Deliver Mixed Results
Several major export destinations recorded healthy growth throughout the reporting period. According to GIT data, exports to India rose 2.84 percent, while Hong Kong increased 8.59 percent. European markets also performed strongly, with exports to Germany climbing 41.77 percent, Switzerland surging 67.15 percent, Italy rising 32.17 percent, and Belgium growing 22.36 percent.
Outside Europe, exports to the United Arab Emirates expanded 65.60 percent, while Japan recorded a 42.08 percent increase and the United Kingdom posted a 5.50 percent gain.
The United States, however, bucked the overall trend. Imports of Thai gems and jewelry declined by 11.37 percent, largely because many American importers had significantly increased purchases earlier in the year ahead of potential tariff changes, resulting in softer buying activity in subsequent months.
Product Categories Show Broad-Based Growth
Export performance across product categories remained encouraging, with genuine jewelry leading the way after rising 68.17 percent. Gold jewelry increased 15.59 percent, while platinum jewelry registered an exceptional 2,674.53 percent surge. Gold or silver jewelry components recorded an extraordinary 73,582.81 percent increase, although this may reflect a low comparative base.
Other strong performers included rough gemstones, which climbed 136.86 percent, rough diamonds, up 36.73 percent, cut diamonds, which increased 11.32 percent, and silver exports, which jumped 142.46 percent.
Not all categories recorded gains, however. Silver jewelry exports slipped 4.43 percent, while cut hard gemstones edged down 0.48 percent, and cut soft gemstones declined 1.48 percent, indicating softer demand in selected market segments.
Global Risks Remain in Focus
Although Thailand’s gems and jewelry industry continues to post encouraging export results, the international business environment remains increasingly unpredictable. The GIT continues to monitor developments closely as policymakers and exporters navigate economic weakness across Europe and the G7, renewed inflationary concerns, shifting trade policies, and geopolitical tensions that could influence consumer confidence and international demand. While the sector has demonstrated resilience and adaptability throughout 2026, sustaining this momentum will depend on stable global economic conditions, resilient supply chains, and the ability of exporters to respond quickly to changing market dynamics.
Reference:
https://www.git.or.th/infocenter-stat/?Lang=EN
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