Thai Gem & Jewellery Exports Sparkle Amidst US Tariff Fears, Gold Shines

Mon June 09 2025

Thailand's precious goods sector saw a dramatic surge in April, driven by robust US demand and a record-breaking gold price, though geopolitical risks and a strong baht pose future challenges

Thailand's gem and jewellery exports experienced a significant uplift in April 2025, with figures released by the Gem and Jewelry Institute of Thailand (GIT) revealing a continued upward trend.

The sector's performance, particularly in the US market, appears to be influenced by efforts to pre-empt potential new tariffs.

According to Sumed Prasongpongchai, Director of GIT, total gem and jewellery exports, excluding gold, reached $714.90 million in April, marking an impressive 39.62% increase.

This represents the sixth consecutive month of positive growth for the industry. When gold is included, the export value for the month soared by 115.65% to $1,726.67 million.

For the first four months of 2025 (January-April), the cumulative figures are equally striking. Excluding gold, exports totalled $5,801.30 million, an increase of 91.76%. Including gold, the figure reached $10,362.53 million, up 110.82%.

A substantial contributor to this growth was gold exports, which alone amounted to $1,011.76 million in April, a staggering 250.52% jump. This surge is attributed to speculative trading and a heightened demand for safe-haven assets.

Sumed highlighted global concerns over impending US tax measures and retaliatory actions from various trading partners, which pushed gold prices to an unprecedented $3,500 per ounce on 22nd April 2025.

Overall gold exports for the four-month period stood at $4,561.22 million, an increase of 141.33%. Monthly gold export figures for early 2025 demonstrate strong fluctuations: January saw $1,167.87 million (up 148.95%), February $933.63 million (up 26.395%), and March $1,447.95 million (up 269.55%).

Key export markets showed diverse performance.

The United States remained a significant growth driver, with exports increasing by 24.83%, largely due to accelerated imports ahead of tariff changes.

Other notable increases were observed in Hong Kong (up 12.03%), Germany (up 8.11%), Italy (up 1.72%), the United Kingdom (up 29.37%), the United Arab Emirates (up 14.24%), and Japan (up 44.37%).

Source: https://www.nationthailand.com/