The Thai Gem and Jewelry Traders Association (TGJTA) provides this summary of key insights and trends in the global gem and jewelry market for the second quarter of 2025. This article presents in-depth information and key strategies to help entrepreneurs in the Thai gem and jewelry industry plan their businesses and achieve sustainable growth in the global market.
Although the overall personal luxury goods market may face a contraction [1], the jewelry market, particularly the Fine Jewelry segment, continues to show remarkable resilience and impressive growth [2]. The total market value in 2025 is estimated at approximately $242.79 billion USD and is expected to grow at an average annual rate of 5.10% through 2032 [3]. This indicates that consumers view jewelry as a strong and resilient asset.
The price of lab-grown diamonds continues to decline, with wholesale prices for 1-3 carat stones falling by as much as 42% compared to the previous year [4]. This price reduction makes these gems more accessible. However, entrepreneurs must adhere to transparent advertising, clearly stating that these alternatives to natural diamonds are lab-grown gems, not "diamonds," per the regulations of Thailand's Office of the Consumer Protection Board (OCPB) [5]. Transparent communication is crucial for maintaining consumer trust and preventing long-term damage to the market.
The use of LGDs may not always be a definitive solution for businesses. Even an industry leader like De Beers announced the closure of its LGD brand, Lightbox, to refocus on natural diamonds. This reflects the significant challenges that remain in the LGD market [6]. Therefore, entrepreneurs must understand that the consumer bases for lab-grown and natural gems are distinct.
Demand for unique colored gemstones, especially rubies and sapphires, has surged significantly [7]. Consumers and investors are seeking rare colored stones as alternative investments and a means of differentiation [7]. Thai traders should focus on sourcing high-quality colored gems to meet the demands of this niche market.
Silver Jewelry: Remains highly sought after by younger, cost-conscious, and fashion-forward consumers [8], with a projected annual growth rate of 10.5% [8]. The surge in silver prices this quarter [9] further enhances the value of silver jewelry, both as a fashion statement and an investment.
Platinum Jewelry: Demand for platinum is making a significant comeback in the Chinese market [10], as consumers look for an alternative to high-priced gold [10]. This presents an opportunity for Thai traders to penetrate the Chinese market with high-quality platinum jewelry.
The pearl market is projected for strong growth at an annual rate of 11.3% [11], driven by their increasing use in modern and gender-neutral designs. Baroque pearls, with their irregular shapes, are becoming particularly popular. Entrepreneurs should explore diverse designs to attract customers seeking unique pearl jewelry.
Sustainability and Ethical Sourcing: Consumers are placing greater importance on ethics and sustainability [7]. Brands that can transparently communicate the origin of their gems and jewelry will gain trust and add value to their products.
Digital Transformation: Investing in technologies like Augmented Reality (AR) for virtual try-ons and leveraging social media marketing is essential for reaching new-generation consumers and enhancing the online shopping experience [12].
Risk Management: Economic uncertainties and changing import tariffs [13] require entrepreneurs to adapt their supply chain strategies swiftly. Diversifying material sources will help mitigate risks and increase operational flexibility.
To seize opportunities in the global gem and jewelry market, Thai entrepreneurs should:
Diversify Product Offerings: Beyond gold, invest in lab-grown diamonds, colored gemstones, and pearls to meet diverse market demands.
Emphasize Ethical Practices: Implement and clearly communicate ethical sourcing standards to customers.
Invest in Digital: Create a modern and seamless online shopping experience to reach new customer segments.
Differentiate with Design: Focus on unique and customizable designs that allow customers to express their individuality.
If Thai entrepreneurs can effectively adapt and apply these insights, Thailand's gem and jewelry industry can certainly continue to grow strongly and sustainably on the global stage.
References:
Rapaport. (URL: https://rapaport.com/news/luxury-segment-likely-to-contract-up-to-5-in-2025-bain/)
Bain & Company. (URL: https://www.bain.com/insights/luxury-in-transition-securing-future-growth/)
Fortune Business Insights. (URL: https://www.fortunebusinessinsights.com/jewelry-market-102107)
Edahn Golan. (URL: https://www.edahngolan.com/lab-grown-diamond-wholesale-prices-drop-7-in-q2/)
Announcement of the Committee on Labels (B.E. 2544), published in the Royal Thai Government Gazette: https://www.ratchakitcha.soc.go.th/DATA/PDF/2544/E/034/8.PDF
JCK. (URL: https://www.jckonline.com/editorial-article/de-beers-shuts-down-lightbox/)
SICO International. (URL: https://www.sicointernational.com/post/2025-colored-gemstone-market-trends-ethics-and-sico-international-s-expertise)
Polaris Market Research. (URL: https://www.polarismarketresearch.com/industry-analysis/jewelry-market)
Nasdaq. (URL: https://www.nasdaq.com/articles/silver-price-update-q2-2025-review)
World Platinum Investment Council (WPIC). (URL: https://platinuminvestment.com/supply-and-demand/platinum-quarterly)
Arizton. (URL: https://www.arizton.com/market-reports/pearl-jewelry-market)
Technavio. (URL: https://newsroom.technavio.org/online-jewelry-market-industry-analysis)
S&P Global Market Intelligence. (URL: https://pages.marketintelligence.spglobal.com/GIA-2025-Big-Themes-Power-Plays-in-2025-CD-Request.html)