third largest overall economic volume in Asia. Its GDP is the 10th of the world and the economy of
India has been expanding quite rapidly during the past 5 years. Thailand and India have established a
free trade agreement (FTA) in order to stimulate the imports and exports of goods and services. Under
the agreement, certain products will be granted a discount tax rate. One of those goods is the jewelry
product. The size of the Indian gems and jewelry market was USD 30.1 billion in 2011 and is
expected to be USD 45 billion by 2015. This paper investigates the comparative advantage of
Thailand’s Jewelry export. It analyses the industry performance in the past five years. It includes a
statistical analysis of the development of the industry. Export values by market are reported for the
relevant period. Revealed comparative advantage (RCA) methodology is used to determine whether
Thailand is a significant exporter in jewelry industry to India. The result suggested that Thailand have
some degree of comparative advantage in the jewelry market especially in synthetic or reconstructed
precious or semiprecious stones (HS Code-7104). In addition, structured in-depth interview of
selected management employees in several leading jewelry exports is performed to obtain detailed
information about the process and issues in operating businesses with India. Suggestion and potential
policy recommendation are also discussed.