High Gold Price Increases Export Opportunities for Thai Silver Jewelry

The rising gold price has increased the export opportunities for Thai silver jewelry. Thailand is one of the world’s leading suppliers of silver jewelry using state of the art manufacturing and craftsmanship.

The biannual Bangkok Gems & Jewelry Fair (BGJF) is a showcase for innovative Thai silver jewelry and an export channel to key markets such as the United States, Hong Kong, Germany and the Middle East.

Mr Prida Tasuwan, Chairman, Pranda Group and Director of the World Confederation, a leading Thai jewelry manufacturer, and Mr Kittisak Udomdangaram, President of the Thai Silver Exporters Association (CEA), noted that the high cost of gold would increase export opportunities and make them more affordable for Thai silver jewelry.

Gold prices are up nearly 20 percent this year as rising COVID-19 cases have heightened concerns about the outlook for the global economy and sparked a lull in the investment market.

During the pandemic, silver prices did not rise as much as gold. Silver is increasingly viewed by some investors as an industrial metal, Mr. Kittisack said.

“Thai silver jewelry exporters must take full advantage of rapidly evolving digital technology and social media marketing tools such as Instagram to take advantage of export opportunities,” Mr. Kittisack added. Thai silver jewelry exports are still doing well in value terms despite the emergency, he said. The Thai jewelry industry must act proactively to ensure the supply chain is as resilient as possible from mine to finger, ”said Mr Prida, who is also the director of CIBJO, the World Jewelery Confederation. “Jewelry consumers want to be sure that no one is exploited at any stage of the supply chain and that the environment is protected as much as possible,” he added. Mr Prida urged the Thai industry to stay on top of technological developments in order to compete effectively in a rapidly changing market. “Highly gifted Thai artisans whose skills have evolved over many generations are becoming an increasingly valuable asset in the digital world,” he added. He urged the Department for the Promotion of International Trade (DITP), the organizer of BGJF, to continue to highlight Thailand’s excellence in craftsmanship as a key driving force for exports.

BGJF is one of the most renowned trade shows in the world, showcasing tremendous precious jewelry business opportunities. The 66th Bangkok Gems & Jewelry Fair has been postponed until February 23-27, 2021, and its special online exhibition will be launched November 2-4, 2020.

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