Thailand Wholesale Jewelry Market Guide

As well as its beautiful landscapes, rich culture and history, nightlife, and fine cuisine, Thailand is also renowned for its industrious spirit. Pivotal to Thailand’s economy is its enormous jewelry and precious gem exporting sector. Over the course of 2021, the Thai gem and jewelry exporting industry grew by 29.33%, now worth almost $600 million dollars alone. Gold, too, is an essential part of the economy, increasing by almost 27% in 2021, with an export market worth over $6 billion.

Below, we’ll explain some of the reasons Thailand is fast becoming the world’s leading producer of whole jewelry and why the services of reputable suppliers such as Salamander Jewelry are in demand the world over.

Lower cost of production

While there are many factors that help explain why Thailand has the edge over other countries when it comes to jewelry manufacturing, ultimately it comes down to cost.

Consumer prices in Thailand are, on average, 86% lower than in the United States with rent sitting around 285% lower. Material costs and wages for workers also come in a lot lower than local manufacturers with the government offering duty exemptions for precious metals and gems. This lower cost of living and material sourcing means you can expect to pay a lot less to get jewelry manufactured in Thailand compared to most other countries.

Thailand’s jewelry industry is also at the forefront of keeping production environmentally sound and implementing sustainable working practices. Companies such as Salamander Jewelry are now elevating the standards for workers by implementing long-term contracts, national social security funds, as well as free lunch and recreation facilities for staff to enjoy. Salamander also delivers bonuses for workers based on their length of employment ranging up to 9.6% of their monthly salary.

Cultural affinity with jewelry

Something that sets Thailand apart from other manufacturing nations is its cultural and historical affinity with jewelry.

From its royal origins, the art of jewelry making and gem setting has been an important part of Thailand’s national identity. Over 10,000 people attend the Bangkok Gems and Jewelry Fair with the nation typically the largest exporter of silver in the world.

Historically, jewelry in Thailand has been silver-based with Hill Tribes creating detailed, ornate pieces by hand including amulets and Buddhist worship trinkets. Over the reign of King Bhumipol Adulyadej, Thailand’s economy focused increasingly on silversmithing and jewelry manufacturing, away from destructive farming practices.

Today, the Thai people have created a booming jewelry industry taking pride in continuing their cultural tradition of silversmithing and gem setting.

First-class logistics and infrastructure

Thailand has also invested heavily in its logistical infrastructure over the past 10 years to maintain its competitive edge. This includes over $43 billion invested into the development of the Eastern Economic Corridor that is helping push Thailand’s economy towards being a global powerhouse.

For jewelry manufacturers, this means streamlined exporting as well as fewer holdups and delays. The nation is now connected better than ever including by air, freight, and sea. The U-Tapao International Airport and three other airport projects are now linked together using a high-speed rail network, making business travel and air cargo easier than ever. Wholesale jewelry made in Thailand can now be exported quicker thanks to projects such as Laem Chabang Port’s expansion to handle 18 million twenty-foot units per year.

Over the coming years, the Thai government is investing yet more into the infrastructure of the country with the development of the Southern Economic Corridor that will connect with the EEC. This investment strategy has earned Thailand a high-ranking spot on the Logistics Performance Index, closely behind China.

Abundant natural resources

Thailand is also home to an abundance of natural resources, with the country’s silver and gemstone mining operations established since the fifteenth century. As well as being one of the world’s biggest exporters of silver, with upwards of 40 metric tonnes a year mined, Thailand is also home to some of the world’s most beautiful gems. This includes rubies and emeralds, but also rarer stones such as black and blue sapphires that are localized to Thailand.

This means manufacturers such as Salamander Jewelry have at their disposal the raw materials they need to produce high-quality, silver pieces. Without needing to import and by making use of accommodative government policies, jewelry can be made a lot cheaper in Thailand than elsewhere without sacrificing quality and care.

Sterling silver bangles, for example, can be made to the exact same or higher standards as other countries but at a fraction of the cost.

About Salamander Jewelry

If you need a wholesale jewelry supplier, look no further than Salamander Jewelry. Operating as part of Thailand’s proud jewelry-making tradition, Salamander has a wide selection of quality pieces on offer including 925 silver bracelets, necklaces, earrings, studs, and body jewelry. All orders are shipped by reputable courier networks and discounts are available on bulk orders.

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