Thailand’s Polished Diamond Exports Hit $971.3 Million

Thailand’s polished diamond exports for the first ten months of 2008 reached $971.3 million, according to the Thai Gem and Jewelry Traders Association (TGJTA). The newly released figures show Belgium topping the list of export destinations receiving $247.4 million worth of polished diamonds.

Israel was Thailand’s second largest export destination receiving $239.4 million worth of polished diamond, followed by Hong Kong with $187.2 million.

The country’s imports of jewelry including gold ingots and silver bars for the ten-month period totaled $7.44 billion.

Commenting on the fact that Thailand’s polished diamond imports were higher than its exports, TGTJA President Vichai Assarasakorn says, “…we also operate an enormous jewelry manufacturing industry that needs huge quantities of smaller, polished diamonds for its production. Once set in finished jewelry pieces, these imported diamonds are ‘absorbed’ into the reported export jewelry statistics category that will report exports worth almost nine billion dollars in 2008.”

During the same January – October 2008 period, Thailand’s total gem and jewelry exports reached $6.7 billion, an increase of 58 percent compared to the $4.24 billion in exports for the same ten months in 2007. Hong Kong, Australia, the United States, Switzerland and Israel were the top five export destinations.

The country’s exports of colored gemstones during January – October 2008 totaled $480.4 million, up from $313.7 million the year before. Meanwhile, its exports of jewelry categories, not including loose diamonds and gemstones, reached $5.25 billion, of which $2.43 billion consisted of jewelry and parts thereof.

The TGJTA says that the country’s diamond, gemstone and jewelry exports continue to rank fourth on the country’s list of overall exports.