GCC: Market for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver 2024

Market Size for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in GCC

The GCC market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver reduced to $X in 2022, shrinking by -8.8% against the previous year. In general, consumption continues to indicate a sharp reduction. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in GCC

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver shrank dramatically to $X in 2022 estimated in export price. In general, production, however, showed a perceptible setback. The pace of growth was the most pronounced in 2016 when the production volume increased by 123%. Over the period under review, production of reached the peak level at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Exports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Exports in GCC

In 2022, after two years of growth, there was significant decline in overseas shipments of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver, when their volume decreased by -57.5% to X kg. Over the period under review, exports continue to indicate a sharp reduction. The pace of growth appeared the most rapid in 2018 with an increase of 246%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver reduced remarkably to $X in 2022. Overall, exports continue to indicate a sharp slump. The most prominent rate of growth was recorded in 2018 with an increase of 154%. Over the period under review, the exports of reached the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates dominates silver structure, recording X kg, which was approx. 96% of total exports in 2022. Kuwait (X kg) took a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to non-silver precious metal goldsmiths ware articles exports from the United Arab Emirates stood at -20.5%. At the same time, Kuwait (+7.2%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of +7.2% from 2012-2022. From 2012 to 2022, the share of the United Arab Emirates and Kuwait increased by +15 and +3.4 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest non-silver precious metal goldsmiths ware articles supplier in GCC, comprising 97% of total exports. The second position in the ranking was held by Kuwait ($X), with a 2.2% share of total exports.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates stood at -19.1%.

Export Prices by Country

The export price in GCC stood at $X per kg in 2022, increasing by 85% against the previous year. Export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the export prices attained the peak figure at $X per kg in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per kg), while Kuwait stood at $X per kg.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.7%).

Imports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Imports in GCC

For the third consecutive year, GCC recorded decline in overseas purchases of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver, which decreased by -22.2% to X tons in 2022. Over the period under review, imports showed a significant decrease. The most prominent rate of growth was recorded in 2016 with an increase of 350%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver reduced notably to $X in 2022. Overall, imports faced a sharp downturn. The pace of growth was the most pronounced in 2016 when imports increased by 206% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The purchases of the three major importers of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver, namely the United Arab Emirates, Qatar and Bahrain, represented more than two-thirds of total import.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Qatar (with a CAGR of +6.5%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver in GCC, comprising 80% of total imports. The second position in the ranking was held by Qatar ($X), with a 16% share of total imports.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates amounted to -29.4%. In the other countries, the average annual rates were as follows: Qatar (-9.5% per year) and Bahrain (-9.1% per year).

Import Prices by Country

The import price in GCC stood at $X per kg in 2022, remaining relatively unchanged against the previous year. In general, the import price, however, showed a noticeable decline. The pace of growth was the most pronounced in 2020 when the import price increased by 99% against the previous year. Over the period under review, import prices hit record highs at $X per kg in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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 the United Arab Emirates ($X per kg), while Bahrain ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform