Thailand’s gem and jewellery sector has begun 2026 on a solid footing, with export figures reflecting steady global demand. Data from the Gem and Jewellery Institute of Thailand shows that exports—excluding gold—reached USD 1,808.12 million in January, a 4.26% year-on-year increase. Including gold, total exports rose to USD 4,566.20 million, up 57.34% compared to the same period last year, supported by seasonal spending and broader economic conditions.

Gold has been a key driver, with export values rising by 136.16% to USD 2,758.08 million. While earlier growth was fuelled by safe-haven demand, a recent softening in gold prices may help sustain momentum by encouraging renewed purchasing and supporting demand for finished jewellery. This can also benefit Thailand’s gemstone sector, where the country maintains a strong position in processing and manufacturing.

Export performance has varied across markets, with strong growth in the Middle East and parts of Europe, particularly the UAE, Switzerland, and Japan. Demand remained stable in the United Kingdom and Hong Kong, while exports to the United States declined, likely due to earlier stockpiling. At a product level, precious metals and platinum jewelry performed well, while the diamond segment saw a contraction.

Thailand continues to offer a practical framework for export-only businesses in this sector. These operations are typically structured to manufacture or source goods locally for export rather than domestic sale and may be established as Thai limited companies with optional Board of Investment (BOI) promotion or bonded warehouse arrangements. Such structures can allow for duty-free import of raw materials and other regulatory efficiencies, provided export requirements are met. Setting up typically involves company incorporation, relevant registrations, and customs compliance. For further information, please contact info@sunlegal.co.th

New regulations to crack down on nominee shareholders take effect on April 1

Thailand is tightening its approach to foreign ownership, with the Department of Business Development (DBD) preparing new rules to tackle the long-standing use of Thai “nominee” shareholders. These arrangements—where Thai nationals hold shares on behalf of foreign investors—have been widely used to get around restrictions under the Foreign Business Act. With new measures expected to take effect from April 1, 2026, the direction is clear: authorities are moving beyond paperwork checks and placing greater emphasis on verifying who really owns and controls a business.

This shift builds on changes introduced earlier in 2026, which already require stronger evidence that Thai shareholders are genuinely investing their own funds. In practice, this means bank statements, proof of capital transfers, and closer scrutiny of company addresses and individuals linked to higher-risk activities. The DBD estimates that a significant proportion of companies with minority foreign shareholding may still involve nominee structures, which has prompted a more hands-on enforcement approach. Recent investigations across sectors—from manufacturing to real estate and tourism—show that this is not limited to any one industry.

The next phase of regulation focuses on what happens after a company is set up. Certain changes—such as appointing foreign directors or introducing foreign partners—are likely to trigger in-person verification requirements for Thai shareholders and directors. They may need to formally confirm they are not acting on behalf of others and demonstrate that their financial position aligns with their shareholding. These steps are designed to close remaining gaps, making it much harder to use nominee arrangements at any stage of a business lifecycle.

For businesses already operating in Thailand, this is a good moment to pause and review existing structures. Shareholding arrangements, funding sources, and company records should all stand up to closer scrutiny. If you are planning to set up a business in Thailand, seeking the right advice from the outset can help ensure your structure is fully compliant and future-proofed. Sun Legal can assist at every stage—from incorporation to ongoing compliance. Whether you are establishing a new company or reviewing an existing one, you can reach out to info@sunlegal.co.th for guidance and support.

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