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

Market Size for Cultured Pearls, Precious Or Semi-Precious Stones in the Dominican Republic

The Dominican precious stone and pearl market fell rapidly to $X in 2022, waning by -30.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, continues to indicate a remarkable increase. Precious stone and pearl consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Exports of Cultured Pearls, Precious Or Semi-Precious Stones

Exports from the Dominican Republic

Precious stone and pearl exports from the Dominican Republic contracted significantly to X tons in 2022, declining by -43.2% against the previous year. In general, exports showed a precipitous setback. The pace of growth was the most pronounced in 2015 with an increase of 5,895%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, precious stone and pearl exports dropped remarkably to $X in 2022. Over the period under review, exports showed a deep contraction. The most prominent rate of growth was recorded in 2019 when exports increased by 145%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Thailand (X tons) was the main destination for precious stone and pearl exports from the Dominican Republic, accounting for a 100% share of total exports. It was followed by Taiwan (Chinese) (X kg), with a 0.2% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Thailand totaled -20.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (-3.3% per year) and Haiti (-67.0% per year).

In value terms, Taiwan (Chinese) ($X) remains the key foreign market for cultured pearls, precious or semi-precious stones exports from the Dominican Republic, comprising 1% of total exports. The second position in the ranking was taken by Thailand ($X), with a 0.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Taiwan (Chinese) stood at -35.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-16.9% per year) and Haiti (-44.5% per year).

Export Prices by Country

In 2022, the average precious stone and pearl export price amounted to $X per ton, approximately reflecting the previous year. Overall, the export price, however, continues to indicate a strong increase. The most prominent rate of growth was recorded in 2013 when the average export price increased by 322,340% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Thailand ($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 Haiti (+68.6%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Cultured Pearls, Precious Or Semi-Precious Stones

Imports into the Dominican Republic

In 2022, approx. X tons of cultured pearls, precious or semi-precious stones were imported into the Dominican Republic; which is down by -34.7% compared with 2021 figures. Over the period under review, imports, however, saw a pronounced increase. The most prominent rate of growth was recorded in 2021 when imports increased by 203% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, precious stone and pearl imports contracted modestly to $X in 2022. Overall, imports, however, posted a remarkable increase. The growth pace was the most rapid in 2018 when imports increased by 310%. Imports peaked at $X in 2021, and then fell in the following year.

Imports by Country

In 2022, Brazil (X tons) constituted the largest supplier of precious stone and pearl to the Dominican Republic, accounting for a 73% share of total imports. Moreover, precious stone and pearl imports from Brazil exceeded the figures recorded by the second-largest supplier, China (X tons), eightfold. Germany (X tons) ranked third in terms of total imports with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Brazil stood at +3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+26.2% per year) and Germany (+243.5% per year).

In value terms, the United States ($X) constituted the largest supplier of cultured pearls, precious or semi-precious stones to the Dominican Republic, comprising 83% of total imports. The second position in the ranking was held by Panama ($X), with a 1% share of total imports. It was followed by China, with a 0.8% share.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to +14.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (+88.4% per year) and China (+27.6% per year).

Import Prices by Country

The average precious stone and pearl import price stood at $X per ton in 2022, rising by 47% against the previous year. In general, the import price posted a prominent increase. The growth pace was the most rapid in 2020 an increase of 1,840% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in years to come.

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 ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+52.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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