Jewelry & Gems ExportSilver report

Published May 2026Insight Research20 min read2026 Edition14 sources, 14 primary-gradeStrong source depth

Thailand Jewelry & Gems Export Market Intelligence

Thailand gems and jewelry exports reached USD 9.6B (ex-gold) in 2024, up 11% year-on-year. Pranda, Jubilee, Hua Seng Heng, MTS Gold, Chanthaburi coloured-stone cluster, lab-grown diamond disruption.

Key takeaways

1
Thailand gems and jewelry exports (excluding unwrought gold) reached in FY2024, up year-on-year; total HS 71 exports including gold bullion hit , a surge driven by record gold prices.
2
Chanthaburi is the world's premier coloured-gemstone cutting hub: of Thai coloured-stone exports are cut and treated there, and an estimated of global sapphires and of rubies transit Thailand at some point (GIA).
3
Gold bullion dominates headline numbers: Hua Seng Heng, MTS Gold, YLG Bullion, Ausiris, and Gcap Gold collectively traded over in 2024, covering + of domestic volume and ranking as Southeast Asia's largest gold dealer consortium.
4
Listed jewelry plays are niche: Pranda (SET: PRANDA) leads silver and gold jewelry manufacturing for export; Jubilee (SET: JUBILE) is the diamond-jewelry retail and wholesale specialist; Blue River Diamond (SET: BRR) serves domestic retail.
5
Lab-grown diamonds are the structural disruptor: globally of diamond jewelry sold is now lab-grown, prices below natural equivalents. Thailand's cutting and polishing pipeline faces margin compression as LGD volumes scale from India and China.

Executive summary

Thailand is the world's fifth-largest gems and jewelry exporter. In FY2024 the sector shipped excluding unwrought gold (GIT), rising year-on-year on strong coloured-gemstone, finished-jewelry, and diamond re-export demand. Including gold bullion flows, total HS Chapter 71 exports reached , a jump amplified by record gold prices that pushed Thai gold trading houses to unprecedented volumes.^{[, ]}

The value chain divides into three clusters. First, Chanthaburi's coloured-gemstone cutting and treatment hub handles of Thai coloured-stone exports and processes rough sourced from Myanmar, Sri Lanka, Madagascar, and East Africa. Second, Bangkok's Silom and Mahesak districts host hundreds of finished-jewelry manufacturers, anchored by listed Pranda (SET: PRANDA, silver and gold jewelry export) and private-tier Beauty Gems, Tiamo, and L&E Jewelry. Third, Bangkok's gold corridor (Yaowarat and online platforms) is led by Hua Seng Heng, MTS Gold, and YLG Bullion, collectively responsible for over in annual trading.^{[, , ]}

The Bangkok Gems and Jewelry Fair (BGJF), co-organised by DITP and GIT, is the sector's anchor trade event: the 73rd edition (February 2026) drew 1,222 exhibitors across 2,794 booths with a trade-value target exceeding . DITP targets export growth in 2025, leaning on finished-jewelry value-add and digital trade channels. Lab-grown diamonds are the medium-term structural threat: globally of diamond jewelry sold is lab-grown, with prices below natural, compressing margins for Thailand's natural-stone cutting pipeline.^{[, , ]}

GIT, DITP, Thai Customs, SBMA, Chanthaburi Gem Traders

Data as of: FY2024

Gems and jewelry exports, excluding unwrought gold (USD billion, 2020-2024)

2020

Exports (USD B)

5.2

Context

COVID trough; BGJF cancelled, gold price surge offset volume

2021

Exports (USD B)

6.1

Context

Recovery; coloured-stone demand rebounds from India, China

2022

Exports (USD B)

7.8

Context

Strong post-COVID rebound; jewelry re-export via Thailand rises

2023

Exports (USD B)

8.6

Context

Record coloured-stone, silver-jewelry demand; BGJF resumes full scale

2024

Exports (USD B)

9.6

Context

11% YoY growth; gold price tailwind, strong finished-jewelry shipments

Year	Exports (USD B)	Context
2020	5.2	COVID trough; BGJF cancelled, gold price surge offset volume
2021	6.1	Recovery; coloured-stone demand rebounds from India, China
2022	7.8	Strong post-COVID rebound; jewelry re-export via Thailand rises
2023	8.6	Record coloured-stone, silver-jewelry demand; BGJF resumes full scale
2024	9.6	11% YoY growth; gold price tailwind, strong finished-jewelry shipments

GIT Info Center, Thai Customs HS 71

Data as of: FY2024

Product category mix (% of FY2024 exports, excluding unwrought gold)

Finished jewelry (silver, gold, platinum)

Share %

35%

Notes

Pranda, Beauty Gems, L&E; US and EU primary markets

Gold bullion and articles

Share %

25%

Notes

Re-export via Hua Seng Heng, MTS, YLG; price-driven volume

Coloured gemstones (ruby, sapphire, emerald)

Share %

20%

Notes

Chanthaburi hub; rough from Myanmar, Sri Lanka, Africa

Diamonds (natural and lab-grown)

Share %

12%

Notes

Jubilee, BRR domestic; re-export via Antwerp, Mumbai

Other (pearls, costume, parts)

Share %

Notes

Cultured pearls, fashion jewelry, components

Category	Share %	Notes
Finished jewelry (silver, gold, platinum)	35%	Pranda, Beauty Gems, L&E; US and EU primary markets
Gold bullion and articles	25%	Re-export via Hua Seng Heng, MTS, YLG; price-driven volume
Coloured gemstones (ruby, sapphire, emerald)	20%	Chanthaburi hub; rough from Myanmar, Sri Lanka, Africa
Diamonds (natural and lab-grown)	12%	Jubilee, BRR domestic; re-export via Antwerp, Mumbai
Other (pearls, costume, parts)	8%	Cultured pearls, fashion jewelry, components

GIT, Thai Customs subheading data

Data as of: FY2024

Analyst framing

Why this report

Thailand's gems and jewelry sector is structurally unique: it combines a world-class coloured-gemstone cutting hub (Chanthaburi), a scaled finished-jewelry manufacturing base (Bangkok), and Southeast Asia's largest gold bullion trading corridor in a single HS 71 export line. Pranda and Jubilee are the listed entry points; Hua Seng Heng and MTS Gold set the precious-metals benchmark. Lab-grown diamonds, shifting rough-stone sourcing, and DITP promotion strategy are the variables that determine whether the sector grows or fragments.

Operator playbooks

Pranda Jewelry (SET: PRANDA): Thailand's largest listed jewelry manufacturer-exporter, founded 1973, listed 1990. Revenue driven by silver and gold finished jewelry sold under Prima Gold, Prima Art, Merii, and Gemondo brands across 30+ countries. Manufacturing base in Bangkok and Nakhon Ratchasima. Strategic: scale OEM/ODM exporter pivoting toward own-brand retail (Prima Gold shops in Thailand, Vietnam). Key risk: silver-price volatility compressing manufacturing margins.

Jubilee Enterprise (SET: JUBILE): listed diamond-jewelry retailer and wholesaler operating 80+ points of sale in Thai department stores. Won Thailand Top Company Awards 2025 (Customer Focus). Launched Jubilee Online Store in 2024. Strategic: domestic diamond-jewelry retail with wholesale B2B channel. Key risk: lab-grown diamond price erosion pressuring natural-diamond retail ASPs.

Hua Seng Heng: Thailand's largest gold trading house, targeting THB 5 trillion revenue in FY2025. Operates a gold refinery producing investment-grade fine gold bars. Part of the top-5 consortium (with MTS, YLG, Ausiris, Gcap) covering 60%+ of domestic gold market. Strategic: anchors the Yaowarat gold corridor; digital trading platform captures 70% of retail gold purchases.

MTS Gold Group: major gold bullion dealer and digital trading pioneer. Reports that nearly 70% of Thai gold purchases now occur online. Strategic: technology-driven gold trading, price transparency, and retail accessibility. Competes directly with YLG and Hua Seng Heng for digital-first retail gold buyers.

YLG Bullion International: top-5 gold dealer by trading volume. Part of the THB 4T+ annual consortium. Strategic: institutional and retail gold trading, futures, and physical delivery. The three gold houses (Hua Seng Heng, MTS, YLG) collectively set the domestic gold price benchmark.

Blue River Diamond (SET: BRR): listed diamond, jewelry, and gold retailer focused on domestic Thai retail. Smaller scale than Jubilee but diversified across diamond and gold product lines. Strategic: domestic retail footprint with lower per-store investment than Jubilee's department-store model.

Chanthaburi gem dealers (fragmented): the Chanthaburi coloured-gemstone cluster comprises hundreds of small-to-mid-size cutting, treatment, and trading firms concentrated around the Friday-Saturday gem market. Handles 80% of Thai coloured-stone exports. Rough sourced from Myanmar (ruby, spinel), Sri Lanka (sapphire), Madagascar, and East Africa. Strategic: irreplaceable global hub for coloured-stone value-add, but fragmented ownership limits pricing power.

Gold corridor and precious-metals dynamics

Thailand's gold trading ecosystem centres on Bangkok's Yaowarat (Chinatown) district and an increasingly dominant online channel. The top-5 dealers (Hua Seng Heng, MTS Gold, YLG Bullion, Ausiris, Gcap Gold) collectively traded over THB 4 trillion in 2024, covering more than 60% of the domestic market and ranking as Southeast Asia's largest gold dealer group. Hua Seng Heng alone targets THB 5 trillion in FY2025 revenue on the back of record gold prices.

Gold bullion re-export inflates headline HS 71 numbers: FY2024 total exports including unwrought gold hit USD 18.4B, nearly double the USD 9.6B excluding gold. Thailand is among the world's top 10 gold-buying nations, with demand jumping 21% year-on-year to 20.7 tonnes in H1 2025. Digital trading now accounts for 70% of retail gold transactions per MTS Gold data, shifting the competitive axis from physical shop footprint to platform reliability and pricing transparency.

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