Thailand’s Diamond, Gold Imports Reduced in October

Thailand’s imports of raw materials for the jewelry industry softened in October, as the manufacturing center expected a decrease in global jewelry demand when the global economic crisis unfolded. The country imported $132.33 million worth of diamonds in October, a 24.92 percent year-over-year decline, according to the Ministry of Commerce.

The decline follows year long large monthly imports. Diamond imports during the January-October 2008 period rose 18.24 percent to $1.415 billion.

Gold imports in October fell 11 percent to $821.2 million; however, in the first ten months of 2008, Thailand imported $4.959 billion worth of gold, a 252.14 percent increase over 2007.

Last Thursday, the Thai Gem and Jewelry Traders Association (TGJTA) released figures on the country’s exports, reporting an increase of 70.2 percent to $5.96 billion in diamond, gemstone and jewelry exports in the first three quarters of 2008.

Thailand plays an important role in the manufacturing stage of the jewelry pipeline. It is an important gem trading and manufacturing center and has a number of large diamond polishing plants, supporting a large jewelry manufacturing industry.