Trade bodies from Thailand and India have chalked out plans to increase export and import of jewellery items, top executives said.

India’s Lab Grown Diamond & Jewellery Promotion Council (LGDPC) and Thailand’s Department of International Trade Promotion (DITP) said they had agreed to grow the bilateral trade to its true potential.

LGDJC said it had agreed to export lab grown diamonds worth ₹10,000 crore to Thailand and in return Thailand would export ruby, silver and white gold jewellery items worth the same amount to India.

India has been a key market for Thailand’s gem & jewellery exports, especially silver jewellery and gemstones. Silver jewellery exports have grown 158.21% from last year due to demand from the youth.

“Silver is gaining ground across the globe because it is precious yet affordable,” said Donnawit Poolsawat, Consul General, Royal Thai Consulate-General, Mumbai. 

“India and Thailand have many similarities and commonalties in their gems and jewellery trade. Indian silver jewellery exporters, like their Thai counterparts, have a strong handcrafting orientation, design database supported by quality manufacturing operations mostly by MSMEs. India and Thailand can collaborate and explore synergies to enhance their global exports,” he added.

To showcase its range, Thailand is organising the 67th Bangkok Gems & Jewellery Fair (BGJF) between September 7 and 11, 2022 in Bangkok, where a large contingent from India is expected to visit.

Rajesh Bajaj, conveyor, LGDJC, said, “The export arrangements will help in further strengthening the bilateral and business relationships. Over the years, Thailand’s gems, jewellery and white silver had been enjoying a strong reputation in India, not only as a trading hub, but also as a country whose skills are rooted in their rich heritage of art and crafts.”

Second only to the United States, the Indian market has generated the highest export value for Thai gems and jewellery such as diamonds, gemstones, pearls, jewellery, synthetic stones and precious metals, Thai trade officials said.

Thailand’s top contenders in the Indian market include China, Hong Kong, USA, Italy and Switzerland. 

Between January and June 2022, Thailand had earned exports revenue of $587,79 million from gems and jewellery exports (excluding gold) from the Indian market, up 149.21% from the same period last year, Thai officials added.