GCC: Imitation Jewellery Market 2024

Imitation Jewellery Market Size in GCC

The GCC imitation jewellery market surged to $X in 2021, with an increase of 62% against the previous year. Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market failed to regain momentum.

Imitation Jewellery Production in GCC

In value terms, imitation jewellery production declined significantly to $X in 2021 estimated in export price. The total production indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +75.7% against 2015 indices. The pace of growth appeared the most rapid in 2020 with an increase of 45%. As a result, production reached the peak level of $X, and then shrank significantly in the following year.

Imitation Jewellery Exports

Exports in GCC

For the fourth consecutive year, GCC recorded decline in overseas shipments of imitation jewelry, which decreased by -20.4% to X tons in 2021. In general, exports, however, continue to indicate a notable expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 99%. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, imitation jewellery exports dropped notably to $X in 2021. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 27% against the previous year. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, the United Arab Emirates (X tons) represented the key exporter of imitation jewelry, creating 75% of total exports. It was distantly followed by Oman (X tons), committing a 19% share of total exports. The following exporters - Bahrain (X tons), Kuwait (X tons) and Saudi Arabia (X tons) - together made up 6% of total exports.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of exports of imitation jewelry. At the same time, Oman (+67.7%), Kuwait (+24.6%) and Bahrain (+18.3%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +67.7% from 2012-2021. By contrast, Saudi Arabia (-9.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Oman and Bahrain increased by +19 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest imitation jewellery supplier in GCC, comprising 75% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with an 8.9% share of total exports. It was followed by Bahrain, with a 5.3% share.

In the United Arab Emirates, imitation jewellery exports expanded at an average annual rate of +2.5% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (-11.6% per year) and Bahrain (+17.6% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, shrinking by -3.6% against the previous year. In general, the export price continues to indicate a noticeable contraction. The most prominent rate of growth was recorded in 2016 an increase of 90% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Saudi Arabia ($X per ton), while Oman ($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 Arab Emirates (+2.1%), while the other leaders experienced a decline in the export price figures.

Imitation Jewellery Imports

Imports in GCC

Imitation jewellery imports soared to X tons in 2021, picking up by 39% against the previous year. Overall, imports, however, recorded a pronounced descent. The most prominent rate of growth was recorded in 2015 with an increase of 170% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, imitation jewellery imports skyrocketed to $X in 2021. Total imports indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports attained the peak figure at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the main importing country with an import of around X tons, which recorded 53% of total imports. Saudi Arabia (X tons) ranks second in terms of the total imports with a 29% share, followed by Qatar (5.9%), Oman (5.4%) and Kuwait (4.5%). Bahrain (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Bahrain (with a CAGR of +3.0%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest imitation jewellery importing markets in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Kuwait ($X), together accounting for 91% of total imports.

In terms of the main importing countries, Kuwait, with a CAGR of +6.8%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, with an increase of 6.2% against the previous year. Over the period under review, the import price posted a buoyant expansion. The growth pace was the most rapid in 2018 an increase of 109%. The level of import peaked in 2021 and is likely to see steady growth in the near future.

Prices varied noticeably country of destination: the country with the highest price was Kuwait ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+13.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform