Amulet boom draws capital concerns

A surge in interest from Chinese visitors has invigorated Thailand's market for sacred amulets and other spiritual objects, bringing new customers and boosting sales for local traders. Temples are seeing more visitors, and objects once traded only among collectors are now reaching a wider audience across Asia.

However, Thai immigration police are sounding an alarm, warning that the booming trade might be attracting more than just genuine collectors and believers. Pol Maj Gen Choengron Rimpadee, deputy commissioner and spokesman for the Immigration Bureau, cautioned that traders and collectors could become unwitting participants in money-laundering schemes linked to Chinese "grey-capital" networks. Authorities are intensifying scrutiny on foreign groups suspected of laundering money from online gambling, call-center scams, and drug trafficking through the trade of these sacred items.

The trend is fueled by a genuine demand, as many younger Chinese consumers, facing intense social and economic pressures, seek spiritual support for love, wealth, and career advancement. This interest has been amplified by Chinese celebrities and social media influencers who endorse Thai amulets. Videos reviewing amulets and blessing ceremonies garner millions of views, turning some items into highly sought-after commodities.

While the trend offers a soft-power success story for Thailand, generating tourism income and promoting cultural elements, investigators highlight vulnerabilities. Unlike assets like gold or property, sacred objects lack a fixed market value, making them difficult to appraise objectively. This allows criminals to inflate prices, conduct transactions in cash or cryptocurrency, and manipulate the market through fabricated stories or staged auctions.

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That makes them difficult to value objectively.