Thailand’s gems and jewelry sector is poised for significant growth in 2024, with exports expected to increase by 10%. This positive forecast is driven by higher global demand, a rebound in tourism, and expansion into new markets.
The industry, a key contributor to Thailand’s economy, saw a notable 9.61% growth in exports last year, surpassing $8.8 billion. In the first half of 2024, export values reached over $4.5 billion, reflecting an 8.48% increase compared to the previous year.
The sector supports nearly 800,000 individuals and includes about 12,000 businesses, with a majority being small and medium-sized enterprises. This widespread engagement underscores the sector’s vital role in the national economy.
The upcoming 70th Bangkok Gems and Jewelry Fair is expected to further boost the industry. This prestigious event, one of Asia’s oldest and among the top four global gem and jewelry trade shows, is anticipated to attract international buyers and generate significant trade value.
Looking forward, the continued expansion of exports is supported by projected global economic growth, increased purchasing power, and a revival in tourism. The industry is focusing on enhancing both online and offline sales channels and adapting to changing consumer preferences to maintain its competitive edge.
This optimistic outlook highlights Thailand’s dynamic role in the global gems and jewelry market and its commitment to delivering high-quality products to international buyers.
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