Thailand’s Platinum Exports Thrive, Boosting Gem and Jewellery Sector

Thailand’s gem and jewellery industry experienced a remarkable surge in exports during January 2025, driven primarily by the significant growth in gold and platinum exports. According to the latest data released by the Gem and Jewelry Institute of Thailand (GIT), the sector witnessed a substantial increase in total export value, nearly tripling in comparison to the same period in the previous year.

The total export value of gem and jewellery products alone amounted to $US 1.73 billion, showcasing an impressive year-on-year surge of 148.82%. When factoring in gold exports, the overall export value reached $US 2.90 billion, reflecting a similar 148.87% increase. This surge in exports marks a robust start to the year, as stated by Sumed Prasongpongchai, the director of GIT, who highlighted the positive growth trend for the third consecutive month. Notably, almost all product categories exhibited increased export volumes, with the exception of diamonds.

Gold exports played a significant role in propelling the sector’s performance, reaching $US 1.17 billion, a substantial 148.95% surge from January 2024. The surge in gold exports can be attributed to the escalating gold prices, which averaged $US 2,709.69 per ounce in January, leading to a rise in speculative trading activities.

Platinum emerged as a standout performer in the product categories, with exports skyrocketing to $US 967.29 million, showcasing an extraordinary 452,751.32% increase, primarily fueled by expanded trade partnerships with India. The surge in platinum exports underscores the sector’s resilience and adaptability to evolving market dynamics.

The surge in gold exports can be attributed to various factors, including the impact of policies introduced by former US President Donald Trump, such as potential Federal Reserve interest rate adjustments and increased tariffs on trading partners. These policies have heightened gold’s appeal as a safe-haven asset, with projections from Goldman Sachs indicating that gold prices could potentially reach $US 3,000 per ounce in the current year, driven by geopolitical tensions, economic uncertainties, and heightened central bank acquisitions.

India stood out as Thailand’s leading export market, experiencing a remarkable surge of 1,893.86%. Additionally, other markets that displayed substantial growth included Qatar (47.87%), the United States (36.44%), the United Kingdom (15.66%), Italy (7.75%), and the United Arab Emirates (1.02%). Conversely, exports to markets like Hong Kong, Japan, Belgium, and Germany witnessed a decline during this period.

In terms of jewellery exports, gold and silver jewellery saw a modest rise of 6.54% and 8.46%, respectively, while platinum jewellery recorded a significant increase of 38.16%. The growth in rough and polished gemstone exports can be attributed to increased investment purchases. However, diamond exports, both rough and polished, experienced a decline due to weakened demand in key markets such as Hong Kong and Belgium.

Looking ahead, Sumed expressed optimism regarding the sector’s continued strong performance throughout the first quarter, citing seasonal festivities and major international trade shows as key drivers. Despite the positive outlook, concerns loom over the potential impact of evolving trade policies, such as those initiated by the Trump administration, and ongoing geopolitical tensions in regions like the Middle East and Ukraine, which could pose challenges for the sector.

As the industry progresses into 2025, notable jewellery trends include a preference for brightly colored gemstones in pastel hues, layered necklaces and bracelets, and a mix of precious metals. Moreover, there is a growing emphasis on ethical, sustainable, and transparent sourcing practices in response to evolving consumer preferences, indicating a shift towards responsible consumption patterns within the industry.

In conclusion, the Gem and Jewellery Institute of Thailand anticipates continued robust growth in the sector, particularly in gold exports, underscoring the industry’s resilience and adaptability in the face of evolving market dynamics.