According to the latest figures from the Gem and Jewelry Institute of Thailand (GIT), the country’s gem and jewellery exports have skyrocketed this past January. 2025 has nearly tripled the export value compared to last year’s status. The worth shot up to USD 1.72 billion, which is a 148.82% year-on-year increase. If you include gold in the mix, the number rises to USD 2.9 billion – a 148.87% increase. These numbers are astonishing for Thailand alone, as certain tariffs are unfortunately affecting multiple countries across the world. This year, while some may struggle in various other industries, the gem and jewellery world will continue to shine brighter than ever (pun intended). A crucial part of this significant surge also comes down to weddings and other special events birthed in the Indian subcontinent.
We had the good fortune of speaking to a couple of seasoned veterans of the gem and jewellery arena in Thailand, offering us a first-hand account of how the industry is thriving and its role in providing greater value to the Thai-Indian community.
PRANAV PARAKH
Director of Siam Pioneer Gems
10 years in the industry
With Thailand’s gem and jewellery exports reaching impressive growth, how do you position your business to compete in the market?
We primarily specialise in Colombian emeralds; however, in response to the travel restrictions imposed by COVID-19, we have observed a significant increase in requests from our clients seeking assistance in sourcing other gemstones. To meet this demand effectively, we have actively expanded and strengthened our network of suppliers for other gemstones. This strategic enhancement enables us to fulfill the diverse gemstone requirements of our overseas clients promptly and efficiently.
What have been the current buying trends for Indians/Thai-Indians when it comes to jewellery? What do they usually prioritise?
Ethnic and wedding jewellery will always maintain a strong appeal within Indian culture. However, the increasing popularity of imitation jewellery and CVD synthetic diamonds has given rise to a distinct market segment. On one hand, there remains a market for authentic gold and diamond jewellery, predominantly driven by the older generation. On the other hand, a separate trend is emerging, characterised by the growing popularity of affordable, everyday fashion jewellery, preferred by the younger generations.
What role does tourism play in driving demand for gems and jewellery, especially in cities like Bangkok and Chanthaburi?
Thailand is considered one of the leading destinations for gems and jewellery. Chanthaburi, being one of the most famous and known gem-cutting centres for ruby and sapphires in the world, attracts customers from all over the globe, who are looking to buy directly from the source at a considerably lower price than elsewhere in the open market.
What challenges does the market face in maintaining the country’s reputation for high-quality gemstone cutting and polishing?
One of the major challenges we have been facing in recent times is the introduction of heavy-duty machinery. Thailand, for decades, has been reliant on skilled workers who have mastered the art of gem cutting, analysing each angle and perfecting each facet. This process has now been sped up by coded inputs in machines that are churning out stones at a much faster rate.
Another challenge is the shortage of workforce. The expert gem cutters are aging and are finding it difficult to find people to pass their skills on to. For us now, it is extremely difficult to find a skilled cutter who isn’t already working in another factory.
How do you see the increasing demand for lab-grown gemstones affecting Thailand’s traditional gemstone market?
The two major factors for an increase in demand for lab-grown stones are affordability and environmental impact. Firstly, lab-grown diamonds are a fraction of the price of a naturally mined diamond, more often less than half the price. Secondly, mining for gemstones has a major impact on the environment, from chemicals to explosives. Having stones created in a lab bypasses all the negative impact on the environment.
What strategies are being used to ensure ethical sourcing and certification of gemstones in the country?
Many steps are being taken to tackle such problems. The Responsible Jewellery Council (RJC) sets global standards for responsible jewellery sourcing, including guidelines on human rights, labour rights, and environmental impact. Being certified by them ensures that these practices are met.
Advances in technology are improving lab testing day by day. Laboratories are now able to give more reliable and accurate results on the origin and treatment of stones.
Given the current state of the market, how do you see Indians/Thai-Indians buying jewellery in the near future? How do you see their buying habits changing?
We are witnessing significant shifts in consumer purchasing behaviours, particularly in the context of luxury goods. The younger generation no longer views gold, diamonds, and coloured gemstones as preferred investment assets. Historically, Indians tended to be more conservative spenders, prioritising savings for the future, often through investments in jewellery. This approach was largely driven by limited investment options available at the time.
However, in the post-COVID era, this mindset has evolved dramatically. With an increasing uncertainty about the future, especially in terms of lifespan, there has been a noticeable shift toward living in the present rather than focusing solely on long-term savings. The current generation is prioritising personal enjoyment and immediate gratification over traditional forms of investment.
Founder of WR
8 Years in the industry
How would you describe your position in a booming gems and jewellery market, especially in a rapidly growing one like Thailand?
We offer a comprehensive range of services—from sourcing high-quality diamonds and gemstones to full-scale jewellery manufacturing—all at competitive wholesale rates. Our vertically integrated model allows us to maintain quality, consistency, and value at every stage, ensuring we remain agile and competitive in a growing market.
What have you observed regarding the purchasing habits of Indians or Thai-Indians when it comes to jewellery? Are they inclined to buy one type over another?
Gold paired with natural diamonds continues to dominate preferences among buyers. These consumers typically value tradition, quality, and long-term asset appreciation in their jewellery purchases.
Tourism is a driving factor here in Thailand. What type of impact do you believe the tourism industry has on advancing demand for gems and jewellery?
Tourism hasn’t traditionally been a major driver of demand, but we’re starting to see high-end tourists shopping with premium retailers in Bangkok. Thailand is known for its craftsmanship and quality; hence, it is a very strong exporting hub for the world. Chanthaburi, on the other hand, remains a global hub for gemstone trading and manufacturing, primarily serving the B2B segment rather than retail tourists.
This industry isn’t without its challenges. As thriving as it is now, what are some of the challenges it faces while it attempts to maintain its high-quality gemstone cutting and polishing?
Following the global tariff wars, one of the biggest challenges is protecting Thailand’s domestic jewellery and gemstone industry from becoming a transit point for “re-exports” that contribute little or no value to our local economy. The government must implement stricter regulations and remain vigilant, especially against foreign companies attempting to bypass trade barriers by using Thailand as a pass-through.
Another pressing issue is the shortage of highly skilled labour in jewellery and gemstone manufacturing, cutting, and polishing. To maintain our global reputation for excellence, we need robust training programs to develop the next generation of Thai artisans. Investing in local talent will be key to preserving both quality standards and long-term sustainability in the industry.
How do you see the industry adapting to emerging technologies like lab-grown gemstones or AI design tools?
The hype around lab-grown gemstones appears to be settling. They’ve found a niche in fashion jewellery and are convenient for travel, but with zero resale and asset value combined with steadily declining prices, they cannot and will not replace natural stones in the fine jewellery market.
AI design tools are transforming the industry by streamlining design and production workflows. While they won’t replace human creativity, they offer excellent support to designers and manufacturers. It’s a complementary relationship—technology enhances efficiency, but craftsmanship and vision remain irreplaceable.
In recent times, buyers are naturally concerned about acquiring products that have been ensured to have ethical sourcing and certification of gemstones in the country. What is being done in this regard?
The term “ethical sourcing” is complex when it comes to natural resources, as mining inherently involves environmental and political concerns. That said, increased transparency, technological advances, and better governance are driving improvements. For diamonds, the Kimberley Process remains the standard certification method. Precious metals are typically sourced from either government-controlled or private mines, and while there’s no universal strategy, the industry is becoming more accountable.
Given the current state of the market, how do you see Indians/Thai-Indians buying jewellery in the near future? How do you see their buying habits changing?
This is an opportune time to invest in diamonds—De Beers has resumed marketing natural diamonds, which is likely to drive prices upward. Gemstones are becoming rarer, and gold continues to reach new highs. We expect increased demand for lightweight, bold, and well-engineered jewellery that offers both style and investment value.
Jewellery is increasingly being viewed as a portable, high-value asset. It retains value, is easy to liquidate, and serves as a reliable hedge in times of economic uncertainty. As more consumers recognise its financial benefits, we’re seeing growing confidence and long-term interest in the industry.