8 | Thailand Special 2024 FOCUS 焦点 THAILAND Renowned for its manufacturing prowess, notably for coloured gemstones and silver jewellery, Thailand is sustaining its growth momentum by tapping new markets, adapting to changing business conditions and committing to innovation and sustainability. In the first two months of 2024, the country’s total gem and jewellery exports recorded a year-on-year increase of 57.26 per cent, reaching US$3.03 billion, according to data from Global Trade Atlas compiled by the Gem & Jewelry Institute of Thailand (GIT). Jewellery exports accounted for 28 per cent of the total, rising by 13.88 per cent over 2023 to US$863.8 million. The value of coloured gemstone exports, on the other hand, increased by 20 per cent year on year to US$541.6 million. This came on the heels of a strong showing for jewellery and coloured gemstones in 2023, which saw increases of 9.81 per cent and 70.47 per cent, respectively, in export values. Thailand’s overall exports of gems and jewellery, however, registered a slight dip of 2.83 per cent in 2023 to US$14.63 billion compared to 2022’s US$15 billion. Exports of silver jewellery also dropped 6.63 per cent year on year in 2023 to US$1.62 billion. The US remained the top market for Thailand’s silver jewellery exports despite a 15 per cent year-on-year decline over 2022. “Figures for early 2024 indicate signs of recovery. It is, however, imperative to observe how these trends unfold over time,” said Sidthisak Limvatanayingyong, president of the Thai Silver Exporters Association. Growth markets A major manufacturing centre for rubies and sapphires that once counted China among its top markets, Thailand is increasingly seeing its goods heading to emerging and alternative destinations. China used to account for 35 per cent to 40 per cent of KO (Thai) Impex Co Ltd’s business. This has since shrunk to 20 per cent, according to its director Siddhant Garg. The company manufactures and wholesales rubies from Mozambique in commercial to good qualities, focusing primarily on calibrated sizes. | Olivia Quiniquini 程爱莉 | 泰国珠宝制造业稳住优势 maintains manufacturing supremacy Exhibiting great resilience amid challenging business conditions, Thailand is pulling out all the stops to further solidify its standing as a premier manufacturing centre in the gem and jewellery industry. 泰国在充满挑战的營商环境中展现出强大的韧性，全力以赴进一步 巩固其作为主要宝石和珠宝业制造中心的地位。
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