Thailand's gemstone and jewelry exports (excluding gold) surged 15.73% to $881.29M in June, marking a fourth consecutive month of growth; however, gold exports plummeted 67.55% due to global market weakness. The Gemstone Institute warns of rising headwinds: U.S. Section 301 tariffs at 12.5%, retaliatory production capacity measures, and geopolitical tensions threaten competitiveness. Bright spots include strong growth across major markets (Hong Kong +9.32%, Germany +44%, UAE +81%), though U.S. imports fell 7.87% post-advance-purchasing. Success in EU-FTA and U.S. tariff negotiations, plus a weaker baht, could support medium-term export recovery.