Hong Kong SAR, China: Market for Cultured Pearls, Precious Or Semi-Precious Stones 2024

Market Size for Cultured Pearls, Precious Or Semi-Precious Stones in Hong Kong SAR, China

The Hong Kong precious stone and pearl market fell markedly to $X in 2022, declining by -21.6% 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). Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Exports of Cultured Pearls, Precious Or Semi-Precious Stones

Exports from Hong Kong SAR, China

In 2022, overseas shipments of cultured pearls, precious or semi-precious stones increased by 6.7% to X tons, rising for the third consecutive year after two years of decline. Overall, exports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2017 with an increase of 94% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, precious stone and pearl exports expanded markedly to $X in 2022. The total export value increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when exports increased by 41% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for precious stone and pearl exports from Hong Kong SAR, with a 43% share of total exports. Moreover, precious stone and pearl exports to China exceeded the volume sent to the second major destination, India (X tons), threefold. The United States (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to China amounted to +16.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+2.4% per year) and the United States (+5.2% per year).

In value terms, the largest markets for precious stone and pearl exported from Hong Kong SAR were China ($X), India ($X) and the United States ($X), together accounting for 69% of total exports. Israel, Thailand, Belgium, Singapore, Switzerland, Japan, France, Italy and the United Arab Emirates lagged somewhat behind, together comprising a further 25%.

Singapore, with a CAGR of +15.3%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average precious stone and pearl export price amounted to $X per ton, with an increase of 3.3% against the previous year. Over the period under review, the export price, however, continues to indicate a perceptible contraction. The pace of growth was the most pronounced in 2018 an increase of 26%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Italy ($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 the United Arab Emirates (+101.0%), while the prices for the other major destinations experienced a decline.

Imports of Cultured Pearls, Precious Or Semi-Precious Stones

Imports into Hong Kong SAR, China

In 2022, approx. X tons of cultured pearls, precious or semi-precious stones were imported into Hong Kong SAR; waning by -9% compared with the previous year's figure. Overall, imports, however, enjoyed noticeable growth. The most prominent rate of growth was recorded in 2018 with an increase of 202% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, precious stone and pearl imports reached $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 37%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

The United States (X tons), Thailand (X tons) and Switzerland (X tons) were the main suppliers of precious stone and pearl imports to Hong Kong SAR, with a combined 48% share of total imports. India, Singapore, Japan, Italy, China, Germany, France and the United Arab Emirates lagged somewhat behind, together accounting for a further 45%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +31.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constituted the largest supplier of cultured pearls, precious or semi-precious stones to Hong Kong SAR, comprising 36% of total imports. The second position in the ranking was taken by China ($X), with a 14% share of total imports. It was followed by the United States, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India amounted to -1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+6.0% per year) and the United States (+1.0% per year).

Import Prices by Country

The average precious stone and pearl import price stood at $X per ton in 2022, surging by 11% against the previous year. Overall, the import price, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2015 when the average import price increased by 44% against the previous year. As a result, import price reached the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a somewhat lower figure.

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 Arab Emirates ($X per ton), while the price for Germany ($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 Arab Emirates (+95.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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