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Thailand's gem, jewelry exports rise in '08

January 02, 2009

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Bangkok, Thailand--Figures released recently by the Thai Gem and Jewelry Traders Association (TGJTA) show the country's gem and jewelry exports increased nearly 60 percent in the first 10 months of 2008, and the TGJTA believes it is well positioned to weather the current economic storm.

Between January and October 2008, Thailand's gem and jewelry exports rose to $6.7 billion, a 58 percent increase over the same period in 2007, when gem and jewelry exports stood at $4.24 billion.

Thailand's five top export markets for this period were: Hong Kong, Australia, the United States, Switzerland and Israel.

Looking at the January-October 2008 export data by category, exports of all jewelry categories, except for loose diamonds and gemstones, accounted for the bulk of the country's gem and jewelry exports, standing at $5.25 billion, of which $2.43 billion consisted of jewelry and parts for jewelry.

Exports of polished diamonds totaled $971.3 million, with the Thai diamond industry serving as a cutting and polishing center for larger, high-quality stones, according to the TGJTA.

The main export destinations for polished diamonds from Thailand were Antwerp, Belgium ($247.4 million), Ramat Gan, Israel ($239.4 million), and Hong Kong ($187.2 million).

From January-October 2008, Thailand exported $480.4 million in loose colored gemstones, up from $313.7 million for the same period in 2007.

The top five destinations for Thailand's loose colored gemstones were Hong Kong, the United States, Switzerland, India and Japan.

Looking ahead, TGTJA President Vichai Assarasakorn acknowledges that it won't be an easy year, but said Thailand's gem and jewelry industry has a number of strengths that will help it weather the economic downturn.

"Times are not easy, and in January, we'll all have a better idea of where the market is heading. However, Thailand is one of the centers with the best chances to succeed this coming year. It offers a wide and high-quality product range, cheap labor costs, expert workmanship and manufacturing, as well as excellent service," Assarasakorn said. "The 43rd Bangkok Gem and Jewelry Fair will be a showcase of our strengths."

The fair is scheduled for Feb. 25-March 1 in Bangkok, Thailand.
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