Thailand Gems and Jewelry Exports Roar Back Above US$2 Billion in March

Bangkok Gems News: Thailand’s gem and jewellery industry has staged a dramatic comeback, with export figures for March 2026 surging past the US$2 billion mark and signaling renewed momentum for one of the kingdom’s most valuable export sectors. The latest figures released by the Gem and Jewelry Institute of Thailand (GIT) show a remarkable rebound after February’s slowdown, highlighting strong international demand despite growing global economic uncertainty.

According to GIT, exports of gems and jewellery excluding gold reached US$2.1503 billion in March 2026, representing a staggering 106.25 percent increase year-on-year. The performance marks a sharp turnaround for the sector after February’s contraction and reinforces Thailand’s status as one of the world’s leading jewellery manufacturing and trading hubs. This Bangkok Gems News report notes that total exports including gold climbed to US$3.94988 billion in March, an increase of 58.60 percent compared to the same period last year.

Strong First Quarter Fuels Industry Confidence

For the first quarter of 2026, spanning January through March, Thailand’s gem and jewellery exports excluding gold reached US$5.58246 billion, up 10.01 percent from the same period in 2025. Including gold shipments, total exports surged to US$11.24386 billion, reflecting an impressive 30.382 percent expansion.

Gold continued to play a major role in driving export growth. Gold exports alone were valued at US$1.79958 billion in March, increasing 24.28 percent as global demand remained elevated despite some price corrections. Analysts pointed to ongoing geopolitical concerns in the Middle East as a major factor supporting gold demand, even after some central banks and the SPDR Gold Fund shifted toward selling activity following extended buying periods.

For the first three months of the year, gold exports totaled US$5.66139 billion, soaring 59.50 percent. January proved particularly explosive, with gold exports hitting US$2.75808 billion, a massive 136.16 percent increase. February exports stood at US$1.10374 billion, still posting healthy growth of 18.22 percent.

Key Export Markets Show Impressive Growth

Thailand’s gem and jewellery exports experienced solid expansion across several major international markets. Shipments to Japan recorded one of the strongest increases, rising 67.87 percent, while exports to the United Arab Emirates jumped 45.36 percent. Germany and Switzerland also delivered robust performances with growth rates of 38.15 percent and 38.30 percent respectively.

Italy saw exports increase by 37.77 percent, while Belgium rose 10.60 percent. India and Hong Kong also maintained positive momentum, climbing 9.69 percent and 5.94 percent respectively. The United Kingdom registered modest growth of 4.28 percent.

However, exports to the United States declined sharply by 21.88 percent. Industry officials explained that many American importers had accelerated purchasing earlier, resulting in slower import activity throughout the opening months of 2026.

Jewellery Categories Deliver Massive Gains

Several product categories recorded extraordinary growth during March. Exports of gold or silver articles and parts skyrocketed by an astonishing 118,109.54 percent, while fine jewellery surged 109.78 percent. Platinum jewellery also posted spectacular growth of 3,914.71 percent.

Gold jewellery exports rose 15.05 percent and silver jewellery increased 2.64 percent. Other strong performers included rough gemstones, which climbed 83.62 percent, silver metal exports, up 627.66 percent, and polished diamonds, which edged up 1.36 percent.

Not every category shared in the boom. Exports of cut hard gemstones declined 6.19 percent, while cut soft gemstones dropped 11.02 percent. Rough diamond exports also fell significantly by 30.38 percent.

Industry Faces Mounting Global Risks

Despite the impressive recovery, GIT officials are warning that the outlook for the remainder of 2026 may become increasingly fragile. GIT pointed to forecasts from the International Monetary Fund projecting global economic growth of 3.1 percent in 2026, down from 3.4 percent the previous year.

The industry is also facing rising geopolitical risks, especially tensions in the Middle East and concerns surrounding the Strait of Hormuz. Such developments could affect energy costs, freight rates, investment confidence and global purchasing power, all of which directly influence the jewellery trade.

Additional uncertainty continues to surround United States trade policy, while fluctuations in the Thai baht are creating fresh challenges for exporters attempting to manage pricing strategies and long-term business planning.

Thai operators are now being encouraged to diversify risks more aggressively by expanding into ASEAN nations and emerging markets with stronger purchasing power and lower geopolitical volatility. Businesses are also being advised to tighten supply-chain management, carefully monitor production costs and develop more diverse products using alternative materials to better match evolving consumer preferences and unpredictable raw material prices.

Although challenges clearly remain on the horizon, Thailand’s gem and jewellery industry has once again demonstrated its resilience and global competitiveness. The sharp rebound in March exports reflects not only strong international demand but also the adaptability of Thai manufacturers and traders in navigating one of the most volatile trading environments in recent years. With strategic planning and continued market diversification, the sector could remain one of Thailand’s brightest economic drivers throughout 2026 and beyond.

Reference:

https://www.git.or.th/infocenter-stat/?Lang=EN

https://infocenter.git.or.th/en/article/article-20260511

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