India: Market for Cultured Pearls, Precious Or Semi-Precious Stones 2024

Market Size for Cultured Pearls, Precious Or Semi-Precious Stones in India

In 2022, the Indian precious stone and pearl market increased by 13% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, saw a perceptible descent. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Production of Cultured Pearls, Precious Or Semi-Precious Stones in India

In value terms, precious stone and pearl production fell modestly to $X in 2022 estimated in export price. Over the period under review, production recorded a perceptible decline. The most prominent rate of growth was recorded in 2021 when the production volume increased by 9.3%. Precious stone and pearl production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Exports of Cultured Pearls, Precious Or Semi-Precious Stones

Exports from India

After two years of decline, overseas shipments of cultured pearls, precious or semi-precious stones increased by 0.8% to X tons in 2022. In general, exports continue to indicate resilient growth. The pace of growth was the most pronounced in 2015 when exports increased by 112%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, precious stone and pearl exports amounted to $X in 2022. The total export value increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 63%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for precious stone and pearl exports from India, with a 45% share of total exports. Moreover, precious stone and pearl exports to the United States exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), threefold. The UK (X tons) ranked third in terms of total exports with an 8.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +14.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+20.4% per year) and the UK (+25.5% per year).

In value terms, the United States ($X), Hong Kong SAR ($X) and Thailand ($X) were the largest markets for precious stone and pearl exported from India worldwide, with a combined 73% share of total exports.

In terms of the main countries of destination, Thailand, with a CAGR of +9.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average precious stone and pearl export price stood at $X per ton in 2022, approximately reflecting the previous year. Over the period under review, the export price faced a abrupt downturn. The most prominent rate of growth was recorded in 2021 when the average export price increased by 84%. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Germany ($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 (+117.8%), while the prices for the other major destinations experienced a decline.

Imports of Cultured Pearls, Precious Or Semi-Precious Stones

Imports into India

Precious stone and pearl imports into India soared to X tons in 2022, picking up by 15% on the previous year. Overall, imports enjoyed a resilient expansion. The growth pace was the most rapid in 2018 when imports increased by 191% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, precious stone and pearl imports soared to $X in 2022. In general, imports continue to indicate a resilient expansion. The pace of growth was the most pronounced in 2018 with an increase of 78%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, Hong Kong SAR (X tons) constituted the largest supplier of precious stone and pearl to India, with a 87% share of total imports. Moreover, precious stone and pearl imports from Hong Kong SAR exceeded the figures recorded by the second-largest supplier, Rwanda (X tons), ninefold. The third position in this ranking was taken by Thailand (X tons), with a 1.2% share.

From 2012 to 2022, the average annual growth rate of volume from Hong Kong SAR stood at +42.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Rwanda (0.0% per year) and Thailand (-29.3% per year).

In value terms, the United States ($X), Hong Kong SAR ($X) and Thailand ($X) constituted the largest precious stone and pearl suppliers to India, together accounting for 86% of total imports.

Thailand, with a CAGR of +30.8%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average precious stone and pearl import price stood at $X per ton in 2022, surging by 2.5% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of 32% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the average import prices remained at a 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 States ($X per ton), while the price for Rwanda ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+85.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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