India: Jewelry Market 2024

Jewelry Market Size in India

In 2022, the Indian jewelry market decreased by -7.8% to $X, falling for the second year in a row after three years of growth. Over the period under review, consumption recorded a pronounced descent. Jewelry consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Jewelry Production in India

In value terms, jewelry production dropped modestly to $X in 2022 estimated in export price. In general, production showed a perceptible reduction. The most prominent rate of growth was recorded in 2018 with an increase of 243%. Jewelry production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Jewelry Exports

Exports from India

In 2022, the amount of jewelry exported from India soared to X tons, increasing by 59% compared with the previous year. Over the period under review, exports, however, recorded a slight curtailment. The pace of growth was the most pronounced in 2014 when exports increased by 99%. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, jewelry exports skyrocketed to $X in 2022. In general, exports, however, saw a perceptible decline. The pace of growth was the most pronounced in 2021 when exports increased by 38% 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

Hong Kong SAR (X tons), the United States (X tons) and the United Arab Emirates (X tons) were the main destinations of jewelry exports from India, with a combined 73% share of total exports. The UK, Germany, Singapore, Thailand, Italy, Australia and Canada lagged somewhat behind, together comprising a further 18%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Thailand (with a CAGR of +22.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for jewelry exported from India were the United States ($X), the United Arab Emirates ($X) and Hong Kong SAR ($X), with a combined 77% share of total exports. Singapore, the UK, Australia, Canada, Italy, Germany and Thailand lagged somewhat behind, together comprising a further 13%.

Thailand, with a CAGR of +1.7%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average jewelry export price stood at $X per kg in 2022, which is down by -26.5% against the previous year. In general, the export price showed a pronounced descent. The most prominent rate of growth was recorded in 2015 when the average export price increased by 57% against the previous year. Over the period under review, the average export prices hit record highs at $X per kg in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per kg), while the average price for exports to Thailand ($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 the United Arab Emirates (+7.3%), while the prices for the other major destinations experienced a decline.

Jewelry Imports

Imports into India

In 2022, imports of jewelry into India surged to X tons, rising by 118% on the previous year's figure. Overall, imports enjoyed notable growth. The pace of growth was the most pronounced in 2017 with an increase of 204%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, jewelry imports soared to $X in 2022. In general, imports, however, continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 434%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Thailand (X tons) constituted the largest jewelry supplier to India, accounting for a 55% share of total imports. Moreover, jewelry imports from Thailand exceeded the figures recorded by the second-largest supplier, Italy (X tons), fivefold. China (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Thailand totaled +29.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+16.7% per year) and China (+20.1% per year).

In value terms, the United Arab Emirates ($X), the United States ($X) and Thailand ($X) constituted the largest jewelry suppliers to India, with a combined 63% share of total imports. Italy, Hong Kong SAR, China and Japan lagged somewhat behind, together comprising a further 9.4%.

Italy, with a CAGR of +9.3%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average jewelry import price amounted to $X per kg, shrinking by -22.4% against the previous year. In general, the import price showed a abrupt shrinkage. The pace of growth was the most pronounced in 2017 when the average import price increased by 76%. Over the period under review, average import prices reached the peak figure at $X per kg in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per kg), while the price for China ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+33.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :