Thailand’s gem and jewelry industry tops the global charts in terms of possessing markets with the greatest potential in the world as the kingdom is gifted with expert craftsmen (which is usually a priority in this market) along with locally sourced precious gemstone resources such as sapphires, rubies etc. Apart from these polished and colored stones, the country has expanded into a flourishing trade in finished gold and silver jewellery, unwrought or semi-manufactured gold and diamonds, pearls and semi-precious stones, synthetic stones and scrap of precious metals as well.
These key factors such as excellent quality artisanship, sizable population of skilled workers and easy availability of natural resources give the industry a positive edge to rise and develop.
The jewellery market in Thailand cannot compete neck to neck with powerhouses like India or China in terms of the huge number of goods produced or exported, so it competes on the grounds of quality of the products and services and Thailand jewellery industry has built a name for itself globally for high quality labour in colored stones quality improvement, casting, moulding, gem setting (especially the pieces with intricate details).
According to the report titled “Luxury Jewellery in Thailand”, the luxury jewellery market in Thailand has recorded a high growth rate, with a record high sales value. This positive temperament of consumers for the luxury jewellery industry can be attributed to the overall improvement in Thailand’s economy and the efforts that the brands in the existing market-sphere have put in. This market growth in luxury jewellery has especially been supported by the luxury fine jewellery where brands have hosted exhibitions and showcases, strengthening awareness about brands and thus managed to drive consumer demand by piquing their interests.
This report covers the categories of the luxury fine jewellery and luxury costume jewellery to provide a gainful insight into the luxury jewellery market by analyzing the shape and size of the market, enabling identification of the sectors that are driving the growth and a peek into the competitive landscape of the Thai luxury jewellery market with a focus on the leading companies and brands operating in the market along with their market shares and data of distribution.
By the end of 2015, the market was driven by declining gold prices resulting in increased number of Thai citizens spending to purchase gold jewellery for gifts, investment purposes and for self-consumption and while prices have been observed to pick up in 2016, they have still been on a downward trend. The competitive landscape in Thai luxury jewellery market is very fragmented due to a large number of independent jewellery shops and the sale of unbranded jewellery.
Fine jewellery is expected to remain the major purchase for events and various celebrations. Changing fashion trends in Thailand and exposure to global fashion trends are expected to fuel the increase in purchase of costume jewellery.
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Ankur Gupta, Head Marketing & Communications