Key points
- Thailand’s Gem and Jewellery sector closed 2025 on an unexpectedly softer note, as exports excluding gold declined sharply in December after more than a year of uninterrupted growth.
- While some of the pullback was attributed to seasonal shipment patterns and inventory adjustments, analysts noted that the slowdown also reflected deeper structural pressures facing the global jewellery trade, as this Thailand Jewelry News report underscores the growing unease among exporters heading into a more uncertain year.
- The focus for Thailand’s gem and jewellery industry for 2026 is not that rosy due to a multitude of factorsImage Credit.
Thailand Jewelry News: December Reversal After a Prolonged Growth Run
Thailand’s Gem and Jewellery sector closed 2025 on an unexpectedly softer note, as exports excluding gold declined sharply in December after more than a year of uninterrupted growth. According to data released by the Gem and Jewelry Institute of Thailand (GIT), exports excluding gold slipped by 26.47 percent year on year to US$732.92 million in December 2025, marking the first contraction after 13 consecutive months of expansion. The sudden reversal has prompted renewed caution across the industry, despite strong annual figures that still point to a resilient year overall.
Image Credit: StockShots
The December dip has raised concerns among traders and manufacturers who had grown accustomed to steady momentum through most of 2024 and 2025. While some of the pullback was attributed to seasonal shipment patterns and inventory adjustments, analysts noted that the slowdown also reflected deeper structural pressures facing the global jewellery trade, as this Thailand Jewelry News report underscores the growing unease among exporters heading into a more uncertain year.
Gold Cushions the Monthly Decline
When gold is included, the picture for December looks markedly different. Total gem and jewellery exports reached US$1.84 billion, representing a year-on-year increase of 27.52 percent. This growth was driven almost entirely by a surge in gold shipments, which soared 148.38 percent to US$1.11 billion during the month. GIT linked this spike to heightened speculative activity amid rising gold prices, a weaker US dollar, ongoing geopolitical tensions, and increased gold accumulation by central banks worldwide.
Gold’s outsized role once again highlighted its dual nature within Thailand’s export statistics. While it boosts headline figures, it can also mask underlying softness in value-added jewellery segments that are more sensitive to consumer demand and design trends.
Strong Full-Year Performance Despite Late Weakness
Despite the December setback, Thailand’s gem and jewellery industry still delivered an impressive performance for the full year. Exports excluding gold totalled US$13.59 billion in 2025, a robust increase of 41.33 percent compared with the previous year. Including gold, total exports surged to US$26.59 billion, up 44.75 percent year on year, reaffirming Thailand’s position as a major global hub for gems and jewellery manufacturing and trading.
Gold exports alone were valued at US$13.01 billion for the year, accounting for nearly half of the sector’s total export value. GIT noted that extreme price volatility in precious metals continued to influence shipment timing and volumes, encouraging traders to capitalize on favorable market conditions whenever possible.
Image Credit: StockShots
Key Markets and Product Shifts
Performance across export destinations was mixed but generally positive. Shipments increased to major markets such as Hong Kong, Germany, the United Arab Emirates, the United Kingdom, Italy, Japan, and Switzerland. The UAE stood out with triple-digit growth, reflecting its rising role as both a trading and re-export hub. Exports to the United States edged slightly lower, while Belgium recorded a more pronounced decline.
By product category, silver jewellery, gold jewellery, platinum jewellery, and imitation jewellery all posted solid gains, alongside growth in cut hardstones. In contrast, rough gemstones, softstones, and diamonds—both rough and cut—experienced notable declines, reflecting shifting consumer preferences and ongoing adjustments in the global diamond market.
Mounting Concerns Over the 2026 Outlook
Looking ahead, industry experts are increasingly cautious about 2026. While international bodies such as the IMF and OECD forecast global GDP growth of around 3.1 to 3.3 percent, local industry experts warned that the actual outlook for Thailand’s gem and jewellery exports may be less optimistic. Competition is intensifying from emerging jewellery hubs in Vietnam and Dubai, while changing consumer behaviour amid a global economic slowdown is dampening discretionary spending.
Additional headwinds include volatile gold and silver prices, geopolitical instability, trade wars, and shifting trade policies, all of which complicate long-term planning for exporters. Rising compliance costs linked to environmental standards and supply-chain resilience are also weighing on smaller players.
Adapting to a More Competitive Landscape
GIT has urged industry operators to accelerate the adoption of technology and digital tools, including artificial intelligence, to enhance design, production efficiency, and market reach. Exporters are also being encouraged to move away from competing purely on weight and price, and instead focus on branding, innovation, and value-added products that can better withstand price fluctuations in precious metals.
While Thailand’s gem and jewellery sector enters 2026 from a position of relative strength, the path ahead is likely to be more challenging. Sustaining growth will depend on agility, innovation, and the ability to respond quickly to global economic shifts, intensifying competition, and evolving consumer tastes across key markets worldwide.
For the latest Thailand Gems and Jewelry export statistics, visit:
https://www.git.or.th/infocenter-stat/?Lang=EN
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