Jewelry Market

The global jewelry market is expected to grow steadily from 2022 to 2030, with an anticipated increase in market volume and value. Key trends in consumption, production, imports, and exports are outlined, with a focus on major consuming and producing countries such as the United States, China, India, and the United Arab Emirates. Non-silver precious metal jewelry dominates the exports structure, while silver jewelry and base metal jewelry clad with precious metals also play significant roles. The average jewelry export price has shown fluctuations over the years, with different prices recorded for various types of jewelry products. Overall, the jewelry market is set to experience continued growth and demand worldwide.

Market Forecast

Driven by increasing demand for jewelry worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.0% for the period from 2022 to 2030, which is projected to bring the market volume to 27K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.6% for the period from 2022 to 2030, which is projected to bring the market value to $267.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Jewelry

In 2022, the amount of jewelry consumed worldwide totaled 23K tons, surging by 7% on the previous year's figure. Over the period under review, consumption showed a relatively flat trend pattern. Global consumption peaked at 24K tons in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The global jewelry market value surged to $217.3B in 2022, increasing by 31% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +48.3% against 2020 indices. Global consumption peaked in 2022 and is likely to see gradual growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (1.8K tons), China (1.7K tons) and Italy (1.7K tons), together accounting for 22% of global consumption. India, the United Arab Emirates, Russia, Myanmar, France, Turkey, the UK, Indonesia, Japan and Vietnam lagged somewhat behind, together comprising a further 42%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by the United Arab Emirates (with a CAGR of +48.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Vietnam ($34.3B), India ($29.8B) and the United Arab Emirates ($24.6B) constituted the countries with the highest levels of market value in 2022, together accounting for 41% of the global market.

In terms of the main consuming countries, the United Arab Emirates, with a CAGR of +46.1%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of jewelry per capita consumption was registered in the United Arab Emirates (127 kg per 1000 persons), followed by Italy (28 kg per 1000 persons), Myanmar (18 kg per 1000 persons) and France (14 kg per 1000 persons), while the world average per capita consumption of jewelry was estimated at less than 0.1 kg per 1000 persons.

From 2012 to 2022, the average annual rate of growth in terms of the jewelry per capita consumption in the United Arab Emirates stood at +47.5%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Italy (+23.2% per year) and Myanmar (+26.7% per year).

Production

World Production of Jewelry

In 2022, global jewelry production shrank to 21K tons, dropping by -2.2% against 2021 figures. In general, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 21%. Global production peaked at 24K tons in 2019; however, from 2020 to 2022, production remained at a lower figure.

In value terms, jewelry production fell to $150.6B in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 35%. Global production peaked at $190.3B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

China (4.9K tons) constituted the country with the largest volume of jewelry production, accounting for 24% of total volume. Moreover, jewelry production in China exceeded the figures recorded by the second-largest producer, Turkey (2K tons), twofold. The third position in this ranking was held by Thailand (1.8K tons), with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China was relatively modest. The remaining producing countries recorded the following average annual rates of production growth: Turkey (+3.6% per year) and Thailand (-5.0% per year).

Imports

World Imports of Jewelry

In 2022, global imports of jewelry surged to 16K tons, growing by 55% against the year before. Over the period under review, total imports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +72.0% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, jewelry imports soared to $99.9B in 2022. The total import value increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 32%. Global imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports By Country

The United States (2K tons), Italy (1.8K tons), the United Arab Emirates (1.6K tons), France (1.5K tons), the UK (1K tons) and Myanmar (0.9K tons) represented roughly 56% of total imports in 2022. India (540 tons), Mexico (527 tons), Belgium (467 tons), Spain (431 tons), Germany (351 tons), Hong Kong SAR (331 tons) and the Netherlands (250 tons) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Myanmar (with a CAGR of +167.4%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($18.8B), the United States ($13.1B) and the United Arab Emirates ($10.6B) were the countries with the highest levels of imports in 2022, with a combined 43% share of global imports. France, the UK, Italy, Germany, Spain, India, Mexico, the Netherlands, Belgium and Myanmar lagged somewhat behind, together comprising a further 15%.

Myanmar, with a CAGR of +40.5%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Non-silver precious metal jewelry was the main type of jewelry in the world, with the volume of imports accounting for 12K tons, which was approx. 57% of total imports in 2022. Silver jewelry (6.7K tons) held the second position in the ranking, distantly followed by base metal jewelry clad with precious metals (1.1K tons). All these products together held near 37% share of total imports. Precious metal-clad goldsmiths articles of base metals (877 tons) and silver goldsmiths non-jewelry articles (336 tons) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for non-silver precious metal jewelry (with a CAGR of +16.3%), while purchases for the other products experienced mixed trends in the imports figures.

In value terms, non-silver precious metal jewelry ($89B) constitutes the largest type of jewelry imported worldwide, comprising 88% of global imports. The second position in the ranking was taken by silver jewelry ($10.1B), with a 10% share of global imports. It was followed by base metal jewelry clad with precious metals, with a 0.7% share.

For non-silver precious metal jewelry, imports expanded at an average annual rate of +1.2% over the period from 2012-2022. With regard to the other imported products, the following average annual rates of growth were recorded: silver jewelry (+4.2% per year) and base metal jewelry clad with precious metals (+9.0% per year).

Import Prices By Type

In 2022, the average jewelry import price amounted to $6,394 per kg, declining by -24.1% against the previous year. Over the period under review, the import price continues to indicate a mild slump. The pace of growth appeared the most rapid in 2021 an increase of 19% against the previous year. Over the period under review, average import prices attained the maximum at $8,819 per kg in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was non-silver precious metal jewelry ($7,362 per kg), while the price for precious metal-clad goldsmiths articles of base metals ($84 per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by precious metal-clad jewelry of base metals (+9.5%), while the other products experienced more modest paces of growth.

Import Prices By Country

In 2022, the average jewelry import price amounted to $6,394 per kg, which is down by -24.1% against the previous year. Overall, the import price recorded a slight descent. The most prominent rate of growth was recorded in 2021 an increase of 19% against the previous year. Over the period under review, average import prices reached the maximum at $8,819 per kg in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($56,825 per kg), while Myanmar ($48 per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+12.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Jewelry

In 2022, global exports of jewelry soared to 13K tons, picking up by 36% on 2021. Overall, exports recorded a relatively flat trend pattern. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, jewelry exports soared to $107.3B in 2022. The total export value increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 28%. The global exports peaked in 2022 and are likely to see steady growth in the immediate term.

Exports By Country

In 2022, China (3.3K tons), distantly followed by Thailand (1,441 tons), Turkey (1,147 tons), Italy (987 tons), the United States (768 tons), the Netherlands (690 tons) and Spain (652 tons) represented the main exporters of jewelry, together constituting 67% of total exports. The following exporters - France (596 tons), India (554 tons), the UK (440 tons), Mexico (402 tons), the United Arab Emirates (277 tons) and Hong Kong SAR (258 tons) - together made up 19% of total exports.

Exports from China increased at an average annual rate of +4.8% from 2012 to 2022. At the same time, the Netherlands (+35.2%), Turkey (+25.3%), Mexico (+19.7%), France (+8.4%) and Italy (+2.2%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing exporter exported in the world, with a CAGR of +35.2% from 2012-2022. The United States and Spain experienced a relatively flat trend pattern. By contrast, the UK (-4.5%), Hong Kong SAR (-4.8%), Thailand (-6.4%), India (-7.6%) and the United Arab Emirates (-10.0%) illustrated a downward trend over the same period. While the share of China (+8.2 p.p.), Turkey (+7.6 p.p.), the Netherlands (+4.9 p.p.), Mexico (+2.5 p.p.) and France (+2.3 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of the UK (-2.3 p.p.), the United Arab Emirates (-4.3 p.p.), India (-5.6 p.p.) and Thailand (-11.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($12.6B), China ($10.4B) and Italy ($9.6B) constituted the countries with the highest levels of exports in 2022, together accounting for 30% of global exports. The United States, Hong Kong SAR, France, the United Arab Emirates, Turkey, Thailand, the UK, Spain, the Netherlands and Mexico lagged somewhat behind, together comprising a further 40%.

Among the main exporting countries, Turkey, with a CAGR of +21.1%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Silver jewelry (6.7K tons) and non-silver precious metal jewelry (6.3K tons) dominates exports structure, together committing 83% of total exports. Base metal jewelry clad with precious metals (1.2K tons) took a 7.9% share (based on physical terms) of total exports, which put it in second place, followed by precious metal-clad goldsmiths articles of base metals (6.2%). Silver goldsmiths non-jewelry articles (349 tons) took a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for non-silver precious metal jewelry (with a CAGR of +7.2%), while shipments for the other products experienced more modest paces of growth.

In value terms, non-silver precious metal jewelry ($96.6B) remains the largest type of jewelry supplied worldwide, comprising 89% of global exports. The second position in the ranking was held by silver jewelry ($10.4B), with a 9.6% share of global exports. It was followed by non-silver precious metal non-jewelry articles, with a 0.6% share.

From 2012 to 2022, the average annual rate of growth in terms of the value of non-silver precious metal jewelry exports stood at +3.0%. For the other products, the average annual rates were as follows: silver jewelry (+2.9% per year) and non-silver precious metal non-jewelry articles (-8.4% per year).

Export Prices By Type

In 2022, the average jewelry export price amounted to $8,031 per kg, falling by -8.2% against the previous year. Over the period under review, export price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, jewelry export price increased by +8.0% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of 18% against the previous year. Over the period under review, the average export prices reached the peak figure at $10,440 per kg in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was non-silver precious metal jewelry ($15,368 per kg), while the average price for exports of precious metal-clad goldsmiths articles of base metals ($204 per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by silver jewelry (+5.5%), while the other products experienced more modest paces of growth.

Export Prices By Country

The average jewelry export price stood at $8,031 per kg in 2022, waning by -8.2% against the previous year. Over the period under review, export price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, jewelry export price increased by +8.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 18%. The global export price peaked at $10,440 per kg in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($34,271 per kg), while the Netherlands ($777 per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+19.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform