GIT's director says Pandora's large Vietnam plant could meaningfully hit Thai jewellery production, though Thailand's cutting and quality-upgrading ecosystem still holds. Non-gold gem and jewellery exports grew nearly 10% and are expected to land near the 10% target this year. Risks: US tax rates that put Thailand at a disadvantage versus rivals would squeeze affordable mass-market silver and jewellery. For SMEs, watch US tariff terms and the RJC certification push, which GIT says needs about 5 years of adjustment and carries high upfront cost.