Colombia: Jewelry Market 2024

Jewelry Market Size in Colombia

The Colombian jewelry market stood at $X in 2022, rising by 1.7% against the previous year. Over the period under review, consumption showed a mild downturn. Jewelry consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Jewelry Production in Colombia

In value terms, jewelry production amounted to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 33%. Jewelry production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Jewelry Exports

Exports from Colombia

In 2022, shipments abroad of jewelry decreased by -23.6% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, saw a buoyant increase. The pace of growth was the most pronounced in 2014 when exports increased by 105%. Over the period under review, the exports attained the maximum at X tons in 2021, and then dropped dramatically in the following year.

In value terms, jewelry exports fell rapidly to $X in 2022. Over the period under review, exports, however, continue to indicate a strong increase. The pace of growth was the most pronounced in 2016 when exports increased by 466%. The exports peaked at $X in 2021, and then reduced remarkably in the following year.

Exports by Country

Chile (X tons) was the main destination for jewelry exports from Colombia, accounting for a 60% share of total exports. Moreover, jewelry exports to Chile exceeded the volume sent to the second major destination, Panama (X tons), sixfold. The third position in this ranking was taken by the United States (X kg), with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Chile amounted to +34.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+9.1% per year) and the United States (+1.4% per year).

In value terms, the United States ($X) emerged as the key foreign market for jewelry exports from Colombia, comprising 54% of total exports. The second position in the ranking was taken by Chile ($X), with a 25% share of total exports. It was followed by Panama, with a 4.5% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +25.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+21.8% per year) and Panama (+1.2% per year).

Export Prices by Country

In 2022, the average jewelry export price amounted to $X per kg, approximately mirroring the previous year. In general, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of 179%. As a result, the export price reached the peak level of $X per kg. From 2017 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per kg), while the average price for exports to Argentina ($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 (+23.9%), while the prices for the other major destinations experienced mixed trend patterns.

Jewelry Imports

Imports into Colombia

In 2022, the amount of jewelry imported into Colombia fell significantly to X tons, dropping by -24.4% compared with 2021 figures. Overall, imports saw a deep reduction. The pace of growth appeared the most rapid in 2021 when imports increased by 90% against the previous year. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, jewelry imports reduced dramatically to $X in 2022. Over the period under review, imports, however, recorded strong growth. The pace of growth was the most pronounced in 2021 when imports increased by 146%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Brazil (X tons), Italy (X tons) and Thailand (X tons) were the main suppliers of jewelry imports to Colombia, together accounting for 58% of total imports. Free Zones, China, Mexico, Spain, Peru and Panama lagged somewhat behind, together comprising a further 33%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Free Zones (with a CAGR of +120.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) constituted the largest supplier of jewelry to Colombia, comprising 45% of total imports. The second position in the ranking was held by Thailand ($X), with a 16% share of total imports. It was followed by Panama, with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Italy stood at +19.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+13.4% per year) and Panama (-0.8% per year).

Import Prices by Country

In 2022, the average jewelry import price amounted to $X per kg, waning by -7% against the previous year. In general, the import price, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2017 when the average import price increased by 197% against the previous year. As a result, import price attained the peak level of $X per kg. From 2018 to 2022, the average import prices remained at a 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 Panama ($X per kg), while the price for Brazil ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Panama (+25.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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