Eastern Asia: Jewelry Market 2024

Jewelry Market Size in Eastern Asia

In 2022, the East Asian jewelry market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption, however, recorded a perceptible decrease. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Jewelry Production in Eastern Asia

In value terms, jewelry production declined to $X in 2022 estimated in export price. In general, production, however, continues to indicate a noticeable downturn. The pace of growth appeared the most rapid in 2021 when the production volume increased by 15%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Jewelry Exports

Exports in Eastern Asia

In 2022, after two years of growth, there was significant decline in shipments abroad of jewelry, when their volume decreased by -50.1% to X tons. Overall, exports, however, saw a tangible increase. The pace of growth was the most pronounced in 2021 with an increase of 146% against the previous year. As a result, the exports attained the peak of X tons, and then contracted dramatically in the following year.

In value terms, jewelry exports rose slightly to $X in 2022. Over the period under review, exports showed a slight decline. The most prominent rate of growth was recorded in 2021 with an increase of 66%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, China (X tons) was the key exporter of jewelry, mixing up 72% of total exports. Hong Kong SAR (X tons) ranks second in terms of the total exports with a 17% share, followed by South Korea (4.6%). Taiwan (Chinese) (X tons) and Japan (X tons) held a relatively small share of total exports.

China was also the fastest-growing in terms of the jewelry exports, with a CAGR of +4.3% from 2012 to 2022. At the same time, Taiwan (Chinese) (+3.1%), Japan (+2.7%) and South Korea (+2.3%) displayed positive paces of growth. By contrast, Hong Kong SAR (-3.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by +12 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Hong Kong SAR ($X) and Japan ($X) were the countries with the highest levels of exports in 2022, with a combined 97% share of total exports.

Hong Kong SAR, with a CAGR of +2.9%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per kg, with an increase of 106% against the previous year. In general, the export price, however, recorded a noticeable slump. Over the period under review, the export prices hit record highs at $X per kg in 2014; however, from 2015 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 Hong Kong SAR ($X per kg), while Taiwan (Chinese) ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+6.4%), while the other leaders experienced a decline in the export price figures.

Jewelry Imports

Imports in Eastern Asia

Jewelry imports declined to X tons in 2022, with a decrease of -12.4% on the year before. Overall, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 38%. As a result, imports reached the peak of X tons, and then contracted in the following year.

In value terms, jewelry imports reached $X in 2022. Total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.1% 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 +58.5% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 57%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

Hong Kong SAR represented the largest importer of jewelry in Eastern Asia, with the volume of imports accounting for X tons, which was approx. 48% of total imports in 2022. It was distantly followed by Japan (X tons), South Korea (X tons), China (X tons), Taiwan (Chinese) (X tons) and Macao SAR (X tons), together mixing up a 52% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to jewelry imports into Hong Kong SAR stood at +2.6%. At the same time, South Korea (+11.0%), China (+9.3%), Macao SAR (+5.8%) and Japan (+5.0%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +11.0% from 2012-2022. By contrast, Taiwan (Chinese) (-18.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Hong Kong SAR, Japan, South Korea, China and Macao SAR increased by +12, +8.9, +7.9, +4.7 and +2 percentage points, respectively.

In value terms, Hong Kong SAR ($X) constitutes the largest market for imported jewelry in Eastern Asia, comprising 65% of total imports. The second position in the ranking was held by China ($X), with a 15% share of total imports. It was followed by Japan, with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Hong Kong SAR amounted to +4.8%. In the other countries, the average annual rates were as follows: China (+23.8% per year) and Japan (+3.4% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per kg, with an increase of 15% against the previous year. Import price indicated a prominent expansion from 2012 to 2022: its price increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, jewelry import price increased by +81.9% against 2017 indices. The most prominent rate of growth was recorded in 2019 when the import price increased by 22% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($X per kg), while South Korea ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+25.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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