Thailand’s gem market in sharp decline

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JewelryRevenue of the gem market in Thailand is poised to plunge 7 to 10 per cent in 2013, the deepest decline in 10 years, hit by several negative factors including a slower economy, reduced purchasing power and political difficulties, said Somchai Phornchindarak, president of the Thai Gem and Jewelry Traders Association and chairman of the Gems, Jewelry and Precious Metal Confederation of Thailand.

He said that the total market value for ornaments and jewelry products would be around $7 billion as compared to 2012 $10 billion.

Normally, the gem market enjoys growth of 5 per cent annually, of which more than 95 per cent is exports and 5 per cent from domestic market. However, if those jewelry products purchased locally by foreign tourists are included, the domestic market accounts for up to 30-40 per cent.

The US is one of the major export markets for Thailand’s gem products along with China and India, as well as new markets such as Russia and the Middle East. Thailand is the 14th-largest exporter of jewelry products.

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Reading Time: 1 minute

Revenue of the gem market in Thailand is poised to plunge 7 to 10 per cent in 2013, the deepest decline in 10 years, hit by several negative factors including a slower economy, reduced purchasing power and political difficulties, said Somchai Phornchindarak, president of the Thai Gem and Jewelry Traders Association and chairman of the Gems, Jewelry and Precious Metal Confederation of Thailand.

Reading Time: 1 minute

JewelryRevenue of the gem market in Thailand is poised to plunge 7 to 10 per cent in 2013, the deepest decline in 10 years, hit by several negative factors including a slower economy, reduced purchasing power and political difficulties, said Somchai Phornchindarak, president of the Thai Gem and Jewelry Traders Association and chairman of the Gems, Jewelry and Precious Metal Confederation of Thailand.

He said that the total market value for ornaments and jewelry products would be around $7 billion as compared to 2012 $10 billion.

Normally, the gem market enjoys growth of 5 per cent annually, of which more than 95 per cent is exports and 5 per cent from domestic market. However, if those jewelry products purchased locally by foreign tourists are included, the domestic market accounts for up to 30-40 per cent.

The US is one of the major export markets for Thailand’s gem products along with China and India, as well as new markets such as Russia and the Middle East. Thailand is the 14th-largest exporter of jewelry products.

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