Why Thailand’s Gold and Jewelry Exports Are Soaring

Gems, gold, and jewelry exports from Thailand grew by nearly 30% in the first half of 2019. According to the Gem and Jewellery Institute of Thailand, the export value in H1 2019 stood at US$9 billion. Especially gold exports were strong, which rose by more than 70%.

Gold and jewelry exports increased despite the stronger Thai Baht. The appreciation of the currency has recently weighed on most of Thailand’s export industries, leading to an overall decrease in exports throughout the year. 

Gold exports fueled by higher demand and U.S.-Sino trade tensions

One reason why the total export value of gold and jewelry increased was the higher market price of gold and precious metals in general. The cost of gold has gone up by more than 20% since the beginning of the year. 

Another reason is the slowing global economy and increasing recession fears. Investors consider gold a recession hedge as it provides a relatively safe haven in case other asset classes drop in value. 

Moreover, the U.S.-Sino trade war has opened the U.S. market for Thai gold exports, even though the U.S. is not among the top destinations for Thai gold and jewelry exports. Top export markets are Switzerland, with 56% of total export value, followed by Singapore and Cambodia. 

Thai jewelry exports to other ASEAN countries increased by 108% this year, with Singapore taking 82% of the total export offering. Likewise, the demand from India increased by 91%, consisting mainly of gold as raw material as well as semi-finished jewelry products.

Security is a prime concern when exporting jewelry

Exporting high-value goods like gold and jewelry is a challenge for exporters, as security is a prime concern. 

At Export Portal, you will only receive orders from verified buyers. We then ship your client’s orders through our secured trading portal. Throughout the process, all documents are securely transmitted through our private blockchain. That means you can view documents in real-time, and they are tamper-proof once they were uploaded. 

The client’s payment will be held in escrow until he receives the shipment. Once the delivery is confirmed, we will release the amount through our protected network. These security mechanisms make Export Portal the ideal solution for gold and jewelry exporters from all over the world.