Thai Silver-Jewelry exporters face competition from India
NEW YORK (Scrap Ragister): Thailand’s silver-jewelry exporters are facing increasingly stiff competition from India, said Metals Focus.
The consultancy calls Thailand one of the key players in the global gems and jewelry market. While analysts attended the recent Bangkok Gems and Jewelry Fair, Metals Focus added, discussions with exhibitors reveal some trends.
In particular, Thai silver jewelry exporters have faced stiff competition from India over the last few years. This is especially true concerning silver shipments bound for the U.S., which have fallen from $565 million in 2015 to $505 million in 2017, even though annual average silver prices have risen by around 9% during this time.
However, the position seems to have stabilized in 2018, with Thai manufacturers expecting some recovery in exports to the U.S.
Metals Focus analysts commented that Thailand remains a key supplier of high-end silver jewelry to branded retailers, but is losing out to India on lower-value products.
Further, a lack of manpower in Thailand is making it difficult for the trade to find skilled labor, while Indian silver jewelry manufacturers have focused on upgrading technology, skills and introducing newer designs.
Indian jewelry exports to the U.S. jumped from $458 million in 2015 to $881 million last year.
“We believe that, while high-end jewelry manufacturing will continue to flourish in Thailand, Indian silver jewelry manufacturers should continue to make inroads into the U.S. (and also Hong Kong)…,” Metals Focus added.