Canada: Jewelry Market 2024

Jewelry Market Size in Canada

The Canadian jewelry market expanded to $X in 2022, with an increase of 4.3% against the previous year. In general, the total consumption indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.3% 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 +54.0% against 2020 indices. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in years to come.

Jewelry Production in Canada

In value terms, jewelry production reduced to $X in 2022 estimated in export price. Overall, production continues to indicate a mild contraction. The most prominent rate of growth was recorded in 2015 when the production volume increased by 78% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Jewelry Exports

Exports from Canada

In 2022, jewelry exports from Canada reduced to X tons, waning by -10.1% compared with 2021 figures. Over the period under review, exports showed a pronounced downturn. The pace of growth was the most pronounced in 2018 with an increase of 45%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, jewelry exports surged to $X in 2022. In general, total exports indicated a noticeable increase from 2012 to 2022: its value 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, exports increased by +51.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 32%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for jewelry exports from Canada, with a 57% share of total exports. Moreover, jewelry exports to the United States exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), twofold. The third position in this ranking was held by the UK (X tons), with a 5.3% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at -6.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+46.7% per year) and the UK (+13.3% per year).

In value terms, the United States ($X) remains the key foreign market for jewelry exports from Canada, comprising 72% of total exports. The second position in the ranking was held by the UK ($X), with an 8.6% share of total exports. It was followed by Hong Kong SAR, with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+19.2% per year) and Hong Kong SAR (-4.0% per year).

Export Prices by Country

In 2022, the average jewelry export price amounted to $X per kg, rising by 28% against the previous year. Over the period under review, export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +5.5% 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 +72.2% against 2019 indices. The pace of growth was the most pronounced in 2017 an increase of 38% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per kg), while the average price for exports to the United Arab Emirates ($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 the United States (+8.7%), while the prices for the other major destinations experienced more modest paces of growth.

Jewelry Imports

Imports into Canada

In 2022, purchases abroad of jewelry increased by 17% to X tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +3.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when imports increased by 50% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in years to come.

In value terms, jewelry imports soared to $X in 2022. Over the period under review, total imports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.9% 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 +73.3% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 47% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Thailand (X tons) constituted the largest jewelry supplier to Canada, accounting for a 35% share of total imports. Moreover, jewelry imports from Thailand exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. China (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Thailand amounted to +4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+0.8% per year) and China (+1.6% per year).

In value terms, the United States ($X), India ($X) and Italy ($X) were the largest jewelry suppliers to Canada, with a combined 56% share of total imports. Thailand, China, France and Spain lagged somewhat behind, together comprising a further 26%.

France, with a CAGR of +13.8%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average jewelry import price stood at $X per kg in 2022, stabilizing at the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by 8.2% against the previous year. Over the period under review, average import prices hit record highs at $X per kg in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

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 the United States ($X per kg), while the price for Spain ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+10.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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