The private sector is urging the government to conclude free-trade agreements (FTAs) with the EU and initiate negotiations with the US to support exports of Thai gems and jewellery products.
Suttipong Damrongsakul, president of the Asean Gems and Jewellery Trade Association, expects the FTAs to facilitate exports of gems and jewellery products to the EU and the US, which are key export destinations.
New stricter regulations require Thai producers and exporters to pay more attention to sustainability issues such as environmental impacts, carbon footprints and human rights when exporting products to the EU.
Mr Suttipong also identified several factors potentially affecting exports of gems and jewellery products. For example, rising silver and gold prices have hampered both producers and buyers, with prices expected to rise further later this year, he said.
Other challenges include geopolitical conflicts, US tariffs and labour shortages.
Thailand employs around 800,000 workers throughout its gems and jewellery supply chain, and requires tens of thousands more to support industry growth, said Mr Suttipong.
Exports of gems and jewellery products including gold are projected to grow by 20% year-on-year, partly due to rising gold prices and the relocation of production from China and Hong Kong to Thailand after the US introduced reciprocal tariffs in 2025, he noted.
Sumed Prasongpongchai, director-general of the Gem and Jewelry Institute of Thailand, predicts gem and jewellery exports excluding gold to grow by 10% this year from a value of US$13.6 billion.
In 2025, Thailand shipped gems and jewellery including gold worth $26.6 billion, up 44.8% year-on-year.
“Assuming no unexpected negative factors, exports of gems and jewellery including gold are forecast to grow more than 10% this year,” Mr Sumed said.
For the first seven months of 2026, Thailand exported $18.1 billion in gems and jewellery including gold, up 14.3% year-on-year. Excluding gold, exports tallied $8.98 billion, up 9.87%.
Regarding US tariffs, Thailand is negotiating with Washington and must demonstrate that its supply chain is free from forced labour.
“Gemstones are Thailand’s key export product to the US, serving as a raw material,” said Mr Sumed, adding that they are now subject to a 12.5% tariff, up from 0% before the reciprocal tariffs.
The US is expected to announce final tariff levels later this month, following its Section 301 trade investigation targeting 16 trading partners.
The 74th Bangkok Gems and Jewelry Fair, held from Sept 8-12 at Queen Sirikit National Convention Center, is expected to generate orders for jewellery producers and raw materials suppliers, Mr Sumed noted.
The event should attract more than 45,000 visitors and generate over $160 million in trade, according to Kirida Bhaopichitr, vice-commerce minister.
This year’s event features more than 1,300 exhibitors from Thailand and overseas.