Belgium: Synthetic Gemstones Market 2024

Synthetic Gemstones Market Size in Belgium

After two years of growth, the Belgian synthetic gemstones market decreased by -25.1% to $X in 2021. Overall, consumption, however, posted significant growth. Synthetic gemstones consumption peaked at $X in 2020, and then contracted remarkably in the following year.

Synthetic Gemstones Production in Belgium

In value terms, synthetic gemstones production declined to $X in 2021 estimated in export price. In general, the total production indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +77.4% against 2012 indices. The pace of growth was the most pronounced in 2016 with an increase of 17%. Over the period under review, production reached the maximum level at $X in 2020, and then fell modestly in the following year.

Synthetic Gemstones Exports

Exports from Belgium

Synthetic gemstones exports from Belgium surged to X tons in 2021, with an increase of 28% on 2020 figures. Overall, exports enjoyed significant growth. The growth pace was the most rapid in 2019 when exports increased by 422% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, synthetic gemstones exports expanded sharply to $X in 2021. Over the period under review, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2019 when exports increased by 576%. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

India (X tons), Hong Kong SAR (X tons) and the United States (X tons) were the main destinations of synthetic gemstones exports from Belgium, together comprising 87% of total exports. These countries were followed by the United Arab Emirates, the UK and China, which together accounted for a further 8.7%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the UK (with a CAGR of +233.0%), while the other leaders experienced more modest paces of growth.

In value terms, India ($X) emerged as the key foreign market for synthetic or reconstructed precious or semi-precious stones exports from Belgium, comprising 69% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 12% share of total exports. It was followed by the United States, with a 7.8% share.

From 2012 to 2021, the average annual growth rate of value to India amounted to +150.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+104.2% per year) and the United States (+172.6% per year).

Export Prices by Country

The average synthetic gemstones export price stood at $X per kg in 2021, with a decrease of -17.8% against the previous year. In general, the export price, however, showed a strong expansion. The pace of growth appeared the most rapid in 2016 when the average export price increased by 42% against the previous year. The export price peaked at $X per kg in 2020, and then reduced dramatically in the following year.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per kg), while the average price for exports to the UK ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+33.7%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Gemstones Imports

Imports into Belgium

In 2021, after two years of growth, there was significant decline in purchases abroad of synthetic or reconstructed precious or semi-precious stones, when their volume decreased by -24.6% to X tons. In general, imports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 1,024%. Imports peaked at X tons in 2020, and then fell rapidly in the following year.

In value terms, synthetic gemstones imports fell sharply to $X in 2021. Overall, imports, however, posted a significant increase. The pace of growth was the most pronounced in 2019 when imports increased by 644% against the previous year. Imports peaked at $X in 2020, and then contracted remarkably in the following year.

Imports by Country

In 2021, the United States (X tons) constituted the largest synthetic gemstones supplier to Belgium, accounting for a 63% share of total imports. Moreover, synthetic gemstones imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was held by Hong Kong SAR (X tons), with a 3.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States stood at +162.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+122.5% per year) and Hong Kong SAR (+103.0% per year).

In value terms, the largest synthetic gemstones suppliers to Belgium were the United States ($X), China ($X) and India ($X), with a combined 88% share of total imports. Hong Kong SAR, the United Arab Emirates, Israel and Russia lagged somewhat behind, together accounting for a further 11%.

Among the main suppliers, the United Arab Emirates, with a CAGR of +41,823.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average synthetic gemstones import price stood at $X per ton in 2021, surging by 4.9% against the previous year. Over the period under review, the import price, however, showed a slight slump. The pace of growth appeared the most rapid in 2014 when the average import price increased by 497% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+329.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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