Thailand Jewelry Exports Jumps to $2.17 billion in Jan-Sep

Thailand exported $2.17 billion in jewelry in the first three quarters of 2008, a 64 percent growth over 2007. Polished diamonds exports in the same period increased 26.5 percent to $882.7 million, according to figures released by the Thai Gem and Jewelry Traders Association (TGJTA).

Thailand's diamond, gemstone and jewelry exports were the fourth largest category in the country’s exports at $5.96 billion, an increase of 70.2 percent compared to the same period in 2007 in the three quarter period.

The leading destinations of the country’s jewelry exports were the U.S., Hong Kong, the UK, Italy, Germany, the UEA and Switzerland. Some $1.42 billion in jewelry exports were shipped to these countries.

Israel topped the list of polished diamond destinations in the January-September period with exports of $224.2 million, followed by Belgium with $215.2 million and Hong Kong with $175.1 million.

Exports of loose colored gemstones totaled $440.4 million, an increase of 58 percent over 2007. The five top destinations were Hong Kong ($153.3 million), the U.S. ($111.8 million), Switzerland ($46 million), India ($32 million) and Japan ($15.7 million).

TGTJA president Vichai Assarasakorn said that while these figures demonstrate the strong rapid growth of Thailand's exports, they are first and foremost a clear indication of Thailand's strong position and growing role as Asia's gem and jewelry business manufacturing and distribution hub.

“We believe that even in these trying economic times Thailand has the resources and capabilities to retain its leading position in the global gem and jewelry markets," he stated. "Our relatively cheap labor costs; expert workmanship and manufacturing; and high quality products will continue to compete even in a market that is somewhat depressed.”