Thai Gem & Jewelry Traders Association has announced that the jewelry industry’s growth this year is larger than last year’s, but expressed its concerns that the baht appreciation could affect exporters next year.
According to the Association president, the jewelry industry has in the past ten months grown by 8 percent, or around 95 million US dollars. However, when converted that amount into the strengthening baht, the industry has expanded by only one percent. Despite that, the industry has seen a better growth this year than it did last year.
The Association is still concerned with the American economic recovery and unemployment rates and Thai political uncertainties. As a result of the issues, together with the strength of the baht, jewelers would eventually suffer next year.
The global market share of the Thai jewelries is currently at 1-2 percent, while Europe and the US take about 50 percent of the whole market. The Association has, therefore, suggested that Thai jewelers create their own brands in line with the global demand in terms of colors, fashion, and designing trends; instead of focusing on quantity.