Belarus: Jewelry Market 2024

Jewelry Market Size in Belarus

The Belarusian jewelry market contracted notably to $X in 2022, dropping by -53.8% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Jewelry Production in Belarus

In value terms, jewelry production amounted to $X in 2022 estimated in export price. In general, the total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.8% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 20%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Jewelry Exports

Exports from Belarus

In 2022, the amount of jewelry exported from Belarus reduced sharply to X kg, falling by -19.2% on 2021. Over the period under review, exports saw a pronounced decrease. The pace of growth was the most pronounced in 2019 with an increase of 223%. The exports peaked at X kg in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, jewelry exports reached $X in 2022. Overall, exports recorded a mild descent. The most prominent rate of growth was recorded in 2019 with an increase of 222%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Latvia (X kg) was the main destination for jewelry exports from Belarus, accounting for a 32% share of total exports. Moreover, jewelry exports to Latvia exceeded the volume sent to the second major destination, Moldova (X kg), sixfold. The third position in this ranking was taken by Ireland (X kg), with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Latvia amounted to +38.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Moldova (+73.2% per year) and Ireland (0.0% per year).

In value terms, Latvia ($X) emerged as the key foreign market for jewelry exports from Belarus, comprising 44% of total exports. The second position in the ranking was held by Kazakhstan ($X), with a 9% share of total exports. It was followed by Moldova, with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Latvia amounted to +143.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kazakhstan (-13.1% per year) and Moldova (+30.3% per year).

Export Prices by Country

In 2022, the average jewelry export price amounted to $X per kg, increasing by 31% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. Over the period under review, the average export prices reached the peak figure at $X per kg in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Kazakhstan ($X per kg), while the average price for exports to Ireland ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Latvia (+75.3%), while the prices for the other major destinations experienced more modest paces of growth.

Jewelry Imports

Imports into Belarus

In 2022, imports of jewelry into Belarus fell remarkably to X tons, with a decrease of -80.6% on the previous year. Over the period under review, imports saw a mild descent. The most prominent rate of growth was recorded in 2013 with an increase of 100%. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, jewelry imports contracted to $X in 2022. In general, imports recorded a mild decline. The pace of growth was the most pronounced in 2013 with an increase of 44%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Turkey (X tons), Armenia (X tons) and Russia (X kg) were the main suppliers of jewelry imports to Belarus, with a combined 74% share of total imports. Portugal lagged somewhat behind, comprising a further 7.5%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Portugal (with a CAGR of +484.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constituted the largest supplier of jewelry to Belarus, comprising 36% of total imports. The second position in the ranking was held by Armenia ($X), with a 7.3% share of total imports. It was followed by Russia, with a 1.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Turkey totaled +3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Armenia (+32.1% per year) and Russia (-34.4% per year).

Import Prices by Country

The average jewelry import price stood at $X per kg in 2022, with an increase of 360% against the previous year. Overall, the import price saw a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Turkey ($X per kg), while the price for Portugal ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (-0.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :