Bulgaria: Market for Cultured Pearls, Precious Or Semi-Precious Stones 2024

Market Size for Cultured Pearls, Precious Or Semi-Precious Stones in Bulgaria

The Bulgarian precious stone and pearl market soared to $X in 2022, increasing by 49% against the previous year. Over the period under review, consumption continues to indicate a prominent increase. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Production of Cultured Pearls, Precious Or Semi-Precious Stones in Bulgaria

In value terms, precious stone and pearl production contracted notably to $X in 2022 estimated in export price. In general, production showed a abrupt setback. Precious stone and pearl production peaked at $X in 2021, and then declined markedly in the following year.

Exports of Cultured Pearls, Precious Or Semi-Precious Stones

Exports from Bulgaria

In 2022, the amount of cultured pearls, precious or semi-precious stones exported from Bulgaria fell sharply to X tons, dropping by -97.4% against 2021. Over the period under review, exports recorded a abrupt decline. The pace of growth was the most pronounced in 2021 with an increase of 6,090% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, precious stone and pearl exports fell to $X in 2022. In general, exports, however, posted a significant increase. The pace of growth appeared the most rapid in 2021 when exports increased by 114,954% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X kg), Denmark (X kg) and the UK (X kg) were the main destinations of precious stone and pearl exports from Bulgaria, together accounting for less than 0.1% of total exports.

From 2012 to 2022, 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 -48.2%), while the other leaders experienced a decline.

In value terms, the United States ($X) emerged as the key foreign market for cultured pearls, precious or semi-precious stones exports from Bulgaria, comprising 61% of total exports. The second position in the ranking was taken by Denmark ($X), with a 21% share of total exports. It was followed by the UK, with a 17% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +58.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (+446.9% per year) and the UK (+79.8% per year).

Export Prices by Country

The average precious stone and pearl export price stood at $X per ton in 2022, increasing by 3,631% against the previous year. Over the period under review, the export price enjoyed a significant increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Denmark (+2,736.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Cultured Pearls, Precious Or Semi-Precious Stones

Imports into Bulgaria

In 2022, approx. X tons of cultured pearls, precious or semi-precious stones were imported into Bulgaria; increasing by 13% compared with the previous year. Overall, imports recorded a resilient increase. The pace of growth appeared the most rapid in 2017 with an increase of 220% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in the immediate term.

In value terms, precious stone and pearl imports contracted rapidly to $X in 2022. In general, imports showed a tangible increase. The growth pace was the most rapid in 2021 when imports increased by 79%. As a result, imports reached the peak of $X, and then reduced rapidly in the following year.

Imports by Country

In 2022, Brazil (X tons) constituted the largest precious stone and pearl supplier to Bulgaria, with a 36% share of total imports. Moreover, precious stone and pearl imports from Brazil exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X tons), twofold. Uruguay (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Brazil stood at +14.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+200.4% per year) and Uruguay (+11.6% per year).

In value terms, Hong Kong SAR ($X) constituted the largest supplier of cultured pearls, precious or semi-precious stones to Bulgaria, comprising 59% of total imports. The second position in the ranking was taken by Tanzania ($X), with an 8.1% share of total imports. It was followed by Brazil, with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Hong Kong SAR amounted to +49.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Tanzania (+1.0% per year) and Brazil (+41.0% per year).

Import Prices by Country

In 2022, the average precious stone and pearl import price amounted to $X per ton, waning by -47.4% against the previous year. In general, the import price continues to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2021 when the average import price increased by 97%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Tanzania ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tanzania (+264.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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