Central Asia: Jewelry Market 2024

Jewelry Market Size in Central Asia

The Central Asian jewelry market totaled $X in 2022, approximately mirroring the previous year. In general, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Jewelry Production in Central Asia

In value terms, jewelry production contracted modestly to $X in 2022 estimated in export price. In general, production saw a perceptible curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 19% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Jewelry Exports

Exports in Central Asia

In 2022, shipments abroad of jewelry decreased by -50% to X kg, falling for the third year in a row after three years of growth. Overall, exports, however, posted a remarkable increase. The growth pace was the most rapid in 2015 when exports increased by 699%. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, jewelry exports declined markedly to $X in 2022. Over the period under review, exports, however, enjoyed noticeable growth. The most prominent rate of growth was recorded in 2015 with an increase of 163% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Kazakhstan represented the largest exporter of jewelry in Central Asia, with the volume of exports amounting to X kg, which was approx. 65% of total exports in 2022. Kyrgyzstan (X kg) held a 15% share (based on physical terms) of total exports, which put it in second place, followed by Mongolia (11%) and Uzbekistan (5.7%). The following exporters - Turkmenistan (X kg) and Tajikistan (X kg) - each finished at a 3.6% share of total exports.

Exports from Kazakhstan increased at an average annual rate of +13.3% from 2012 to 2022. At the same time, Uzbekistan (+34.8%), Turkmenistan (+20.6%) and Mongolia (+12.2%) displayed positive paces of growth. Moreover, Uzbekistan emerged as the fastest-growing exporter exported in Central Asia, with a CAGR of +34.8% from 2012-2022. By contrast, Tajikistan (-3.4%) and Kyrgyzstan (-7.4%) illustrated a downward trend over the same period. While the share of Kazakhstan (+32 p.p.), Uzbekistan (+5.7 p.p.) and Mongolia (+4.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Tajikistan (-2.6 p.p.) and Kyrgyzstan (-41.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Kazakhstan ($X) remains the largest jewelry supplier in Central Asia, comprising 77% of total exports. The second position in the ranking was held by Uzbekistan ($X), with a 19% share of total exports. It was followed by Kyrgyzstan, with a 2.8% share.

In Kazakhstan, jewelry exports expanded at an average annual rate of +9.4% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Uzbekistan (+41.8% per year) and Kyrgyzstan (-23.3% per year).

Export Prices by Country

In 2022, the export price in Central Asia amounted to $X per kg, falling by -49% against the previous year. Overall, the export price continues to indicate a perceptible setback. The pace of growth was the most pronounced in 2016 an increase of 126% against the previous year. Over the period under review, the export prices hit record highs at $X per kg in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Uzbekistan ($X per kg), while Mongolia ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tajikistan (+11.4%), while the other leaders experienced more modest paces of growth.

Jewelry Imports

Imports in Central Asia

Jewelry imports expanded markedly to X tons in 2022, picking up by 13% compared with the previous year's figure. Over the period under review, imports saw a buoyant expansion. The pace of growth was the most pronounced in 2015 when imports increased by 155%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, jewelry imports dropped slightly to $X in 2022. In general, imports showed a temperate expansion. The growth pace was the most rapid in 2021 with an increase of 78% against the previous year. As a result, imports attained the peak of $X, leveling off in the following year.

Imports by Country

Kazakhstan prevails in imports structure, amounting to X tons, which was near 84% of total imports in 2022. It was distantly followed by Kyrgyzstan (X tons), achieving an 8.8% share of total imports. Turkmenistan (X tons) and Mongolia (X tons) held a little share of total imports.

Kazakhstan was also the fastest-growing in terms of the jewelry imports, with a CAGR of +22.5% from 2012 to 2022. At the same time, Turkmenistan (+17.0%) and Mongolia (+1.3%) displayed positive paces of growth. By contrast, Kyrgyzstan (-1.7%) illustrated a downward trend over the same period. While the share of Kazakhstan (+41 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Mongolia (-6.5 p.p.) and Kyrgyzstan (-31.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Kazakhstan ($X) constitutes the largest market for imported jewelry in Central Asia, comprising 76% of total imports. The second position in the ranking was taken by Mongolia ($X), with a 10% share of total imports. It was followed by Turkmenistan, with an 8% share.

From 2012 to 2022, the average annual growth rate of value in Kazakhstan totaled +7.0%. The remaining importing countries recorded the following average annual rates of imports growth: Mongolia (+5.4% per year) and Turkmenistan (+6.2% per year).

Import Prices by Country

The import price in Central Asia stood at $X per kg in 2022, declining by -12.2% against the previous year. Overall, the import price recorded a deep downturn. The growth pace was the most rapid in 2014 when the import price increased by 85%. As a result, import price reached the peak level of $X per kg. From 2015 to 2022, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mongolia ($X per kg), while Kyrgyzstan ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mongolia (+4.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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