The Thai Gem and Jewelry Traders Association expects that gem and jewelry exports could become the country’s top export in five years, according to media reports.
Gem and jewelry exports in 2010 are expected to bring in 320 billion baht () in 2010, according to The Thai Gem and Jewelry Traders Association. That figure is expected to increase to 400 million baht ($13.3 million) in 2011 and in five years grow to 600 million baht ($20 million) for the Southeast Asian kingdom. This would replace computers and automobiles and parts as the country’s top exports in five years, the Bangkok Post reports.
The dramatic increase in gems and jewelry is because of demand in China and India, which now make up 30 percent of the country’s exports, followed by the United States at 20 percent. According to the story Thailand is also looking at several Latin American countries as future markets.