ASEAN: Synthetic Gemstones Market 2025

Synthetic Gemstones Market Size in ASEAN

In 2021, the ASEAN synthetic gemstones market increased by 155% to $X, rising for the second year in a row after four years of decline. Overall, consumption enjoyed buoyant growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Synthetic Gemstones Production in ASEAN

In value terms, synthetic gemstones production soared to $X in 2021 estimated in export price. Over the period under review, production showed a notable expansion. The pace of growth was the most pronounced in 2018 with an increase of 342% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Synthetic Gemstones Exports

Exports in ASEAN

In 2021, overseas shipments of synthetic or reconstructed precious or semi-precious stones decreased by -36.9% to X tons, falling for the third consecutive year after two years of growth. In general, exports saw a deep contraction. The most prominent rate of growth was recorded in 2018 with an increase of 370%. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, synthetic gemstones exports shrank dramatically to $X in 2021. Over the period under review, exports, however, saw a moderate increase. The pace of growth was the most pronounced in 2018 with an increase of 272%. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Thailand (X tons) and Lao People's Democratic Republic (X tons) prevails in exports structure, together comprising 83% of total exports. Singapore (X tons) held the next position in the ranking, followed by the Philippines (X tons) and Malaysia (X tons). All these countries together held near 17% share of total exports.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +129.2%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest synthetic gemstones supplying countries in ASEAN were Malaysia ($X), Lao People's Democratic Republic ($X) and Thailand ($X), with a combined 86% share of total exports. These countries were followed by the Philippines and Singapore, which together accounted for a further 14%.

Among the main exporting countries, the Philippines, with a CAGR of +122.4%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, surging by 28% against the previous year. Overall, the export price continues to indicate buoyant growth. The most prominent rate of growth was recorded in 2020 an increase of 61% against the previous year. The level of export peaked in 2021 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+25.0%), while the other leaders experienced more modest paces of growth.

Synthetic Gemstones Imports

Imports in ASEAN

In 2021, after two years of decline, there was significant growth in supplies from abroad of synthetic or reconstructed precious or semi-precious stones, when their volume increased by 29% to X tons. In general, imports, however, faced a deep reduction. The most prominent rate of growth was recorded in 2013 when imports increased by 153%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, synthetic gemstones imports skyrocketed to $X in 2021. Over the period under review, imports, however, saw a noticeable decrease. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

Thailand was the key importing country with an import of about X tons, which recorded 39% of total imports. Singapore (X tons) ranks second in terms of the total imports with an 18% share, followed by Malaysia (15%), Indonesia (12%), the Philippines (5.9%) and Vietnam (4.7%). Myanmar (X tons) held a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to synthetic gemstones imports into Thailand stood at -18.6%. At the same time, the Philippines (+142.1%), Myanmar (+67.5%) and Singapore (+11.5%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +142.1% from 2012-2021. Indonesia experienced a relatively flat trend pattern. By contrast, Malaysia (-8.3%) and Vietnam (-25.5%) illustrated a downward trend over the same period. While the share of Singapore (+16 p.p.), Indonesia (+8.5 p.p.), the Philippines (+5.9 p.p.), Malaysia (+5.9 p.p.) and Myanmar (+3.4 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Vietnam (-13.5 p.p.) and Thailand (-29 p.p.) displayed negative dynamics.

In value terms, Thailand ($X) constitutes the largest market for imported synthetic or reconstructed precious or semi-precious stones in ASEAN, comprising 70% of total imports. The second position in the ranking was held by Singapore ($X), with a 7.7% share of total imports. It was followed by Malaysia, with a 7.3% share.

From 2012 to 2021, the average annual growth rate of value in Thailand stood at -5.1%. The remaining importing countries recorded the following average annual rates of imports growth: Singapore (+10.1% per year) and Malaysia (-8.3% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, surging by 46% against the previous year. Overall, the import price recorded a buoyant increase. The pace of growth appeared the most rapid in 2014 an increase of 216%. The level of import peaked in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Thailand ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+23.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform