Colombia: Synthetic Gemstones Market 2024

Synthetic Gemstones Market Size in Colombia

In 2021, the Colombian synthetic gemstones market decreased by -84.8% to $X, falling for the second year in a row after two years of growth. Overall, consumption recorded a sharp descent. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Synthetic Gemstones Production in Colombia

In value terms, synthetic gemstones production reached $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate strong growth. The most prominent rate of growth was recorded in 2019 when the production volume increased by 51% against the previous year. As a result, production reached the peak level of $X; afterwards, it flattened through to 2021.

Synthetic Gemstones Exports

Exports from Colombia

In 2021, shipments abroad of synthetic or reconstructed precious or semi-precious stones increased by 12% to X kg, rising for the second consecutive year after two years of decline. In general, exports saw measured growth. The pace of growth appeared the most rapid in 2015 with an increase of 109%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, synthetic gemstones exports soared to $X in 2021. Over the period under review, exports showed a strong increase. The most prominent rate of growth was recorded in 2017 when exports increased by 178%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Thailand (X kg), the United States (X kg) and Peru (X kg) were the main destinations of synthetic gemstones exports from Colombia, together accounting for 89% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Thailand (with a CAGR of +9.9%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for synthetic or reconstructed precious or semi-precious stones exports from Colombia, comprising 88% of total exports. The second position in the ranking was taken by Sweden ($X), with a 3.3% share of total exports. It was followed by France, with a 1.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +29.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sweden (0.0% per year) and France (+11.6% per year).

Export Prices by Country

The average synthetic gemstones export price stood at $X per ton in 2021, with an increase of 9.9% against the previous year. In general, the export price continues to indicate a resilient increase. The pace of growth was the most pronounced in 2019 an increase of 73%. Over the period under review, the average export prices attained the maximum in 2021 and is likely to continue growth in years to come.

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 the United States ($X per ton), while the average price for exports to Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+19.9%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Gemstones Imports

Imports into Colombia

For the third year in a row, Colombia recorded decline in overseas purchases of synthetic or reconstructed precious or semi-precious stones, which decreased by -79.5% to X kg in 2021. Over the period under review, imports saw a sharp downturn. The most prominent rate of growth was recorded in 2013 with an increase of 369%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, synthetic gemstones imports fell markedly to $X in 2021. In general, imports recorded a abrupt contraction. The pace of growth was the most pronounced in 2013 when imports increased by 170%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United States (X kg) constituted the largest supplier of synthetic gemstones to Colombia, with 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 kg), twofold.

From 2012 to 2021, the average annual growth rate of volume from the United States totaled -9.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-30.9% per year) and Hong Kong SAR (-15.6% per year).

In value terms, the United States ($X) constituted the largest supplier of synthetic or reconstructed precious or semi-precious stones to Colombia, comprising 78% of total imports. The second position in the ranking was taken by China ($X), with a 12% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States stood at +8.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-26.3% per year) and Hong Kong SAR (-10.5% per year).

Import Prices by Country

The average synthetic gemstones import price stood at $X per ton in 2021, rising by 65% against the previous year. Overall, the import price showed a strong expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 the United States ($X per ton), while the price for China ($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 States (+19.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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