India: 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 India

After two years of growth, the Indian market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver decreased by -12% to $X in 2022. Overall, the total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2021, and then fell in the following year.

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

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver shrank sharply to $X in 2022 estimated in export price. In general, the total production indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when the production volume increased by 50% against the previous year. Production of peaked at $X in 2021, and then shrank rapidly in the following year.

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

Exports from India

For the third consecutive year, India recorded decline in shipments abroad of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver, which decreased by -57.4% to X kg in 2022. In general, exports recorded a precipitous curtailment. The most prominent rate of growth was recorded in 2017 when exports increased by 627%. Over the period under review, the exports of hit record highs at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver contracted remarkably to $X in 2022. Overall, exports continue to indicate a sharp decrease. The pace of growth was the most pronounced in 2017 when exports increased by 249% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X kg) was the main destination for exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from India, accounting for a 70% share of total exports. Moreover, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to the United Arab Emirates exceeded the volume sent to the second major destination, the United States (X kg), fivefold. The third position in this ranking was held by Qatar (X kg), with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates amounted to -47.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-13.8% per year) and Qatar (+6.6% per year).

In value terms, the largest markets for non-silver precious metal goldsmiths ware articles exported from India were the United States ($X), the United Arab Emirates ($X) and Qatar ($X), with a combined 77% share of total exports. Germany, Singapore and the UK lagged somewhat behind, together accounting for a further 15%.

In terms of the main countries of destination, Germany, with a CAGR of +13.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average export price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver stood at $X per kg in 2022, falling by -71.3% against the previous year. Overall, the export price, however, saw a resilient increase. The pace of growth was the most pronounced in 2018 an increase of 302%. The export price peaked at $X per kg in 2021, and then contracted markedly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per kg), while the average price for exports to the UK ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Nigeria (+137.5%), while the prices for the other major destinations experienced more modest paces of growth.

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

Imports into India

In 2022, purchases abroad of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver was finally on the rise to reach X kg for the first time since 2016, thus ending a five-year declining trend. Over the period under review, imports continue to indicate significant growth. The most prominent rate of growth was recorded in 2016 when imports increased by 5,824% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports of remained at a lower figure.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver surged to $X in 2022. In general, imports recorded a resilient expansion. The growth pace was the most rapid in 2016 with an increase of 4,204% against the previous year. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports of remained at a lower figure.

Imports by Country

In 2022, Indonesia (X kg) was the main non-silver precious metal goldsmiths ware articles supplier to India, with a approx. 97% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Indonesia amounted to -15.8%.

In value terms, Indonesia ($X) constituted the largest supplier of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to India.

From 2012 to 2022, the average annual growth rate of value from Indonesia amounted to +3.6%.

Import Prices by Country

In 2022, the average import price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to $X per kg, increasing by 212% against the previous year. Overall, the import price, however, showed a slight curtailment. The import price peaked at $X per kg in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Indonesia.

From 2012 to 2022, the rate of growth in terms of prices for Indonesia amounted to +23.1% per year.

Source: IndexBox Platform

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