‘GIT’ hopes Thai gems revive in the fourth quarter
Expected worldwide suppressing shop parades after releasing COVID-19 lock
Gemological Institute Revealed measures to remedy and restore the economy. Around the world from COVID-19 Stimulate demand for spending Pushing the export of Thai gems and jewelry in the fourth quarter revived, indicating that October 2020 exports, excluding gold, increased 23.29%, continued to improve. Both markets and products are expected to recover continuously. According to the economic stimulus of many countries And buy for the new year
Mr. Sumeth Prasong Phongchai Director of the National Gem and Jewelry Research and Development Institute (Public Organization) or GIT revealed that Thai gems and jewelry exports in October 2020 were valued at US $ 752.10 million, a decrease of 18.66%, if the gold removed was worth 524.94 million USD, an increase of 23.29%.
The total exports of 10 months (Jan – Oct) were valued at 16,882.74 million USD, an increase of 20.81%. If gold removed was worth US $ 3,885.71 million, down 43.69%. Consumers in many countries began to return. To spend more after a long time during the lockdown of the country.
Including the gradual purchase of goods as a gift to give to someone special during the festival later this year, while exports in the 10 months still grow from gold exports, which account for up to 77% of All exports And an increase of 83.74% because in the first and second quarters, gold exports are highly speculative. And began to decline in the third quarter
But if not including gold Overall exports continued to decline. Whether it is real jewelry, diamonds and colored gemstones, demand for luxury goods decelerates from the impact of COVID-19. In many countries around the world in the first half of this year But it started to recover better in the third quarter and grow very strongly in Oct. 2020. Which is the first month of the fourth quarter
“The outlook for Thai gems and jewelry exports in the fourth quarter was positively affected by measures to restore and restore the economy in many countries around the world. That will stimulate the desire to buy their products More consumers And it is purchased to be used as a gift during the festival at the end of the year. And stock is a product for sale in the next year Which will help drive exports to recover better “
However, there are risk factors to be monitored for the remainder of the year, including the COVID-19 epidemic. The second round in the US and Europe led to another round of lockdown measures in several European countries. And the implementation of the trade policy of the new US President Including the baht against the US dollar, which is in a strong direction. This will result in Thailand losing competitive opportunities.
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