Indonesia: Jewelry Market 2024

Jewelry Market Size in Indonesia

In 2022, the Indonesian jewelry market decreased by -3.7% to $X, falling for the second consecutive year after three years of growth. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Jewelry Production in Indonesia

In value terms, jewelry production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.9% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when the production volume increased by 25%. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Jewelry Exports

Exports from Indonesia

In 2022, shipments abroad of jewelry increased by 21% to X tons, rising for the second year in a row after five years of decline. Over the period under review, exports saw a prominent expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 171% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, jewelry exports rose to $X in 2022. In general, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 1,075% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for jewelry exports from Indonesia, accounting for a 49% share of total exports. Moreover, jewelry exports to the United States exceeded the volume sent to the second major destination, Singapore (X tons), threefold. The third position in this ranking was held by Switzerland (X tons), with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +14.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+2.4% per year) and Switzerland (+33.7% per year).

In value terms, the largest markets for jewelry exported from Indonesia were Switzerland ($X), the United States ($X) and the United Arab Emirates ($X), together comprising 74% of total exports.

Switzerland, with a CAGR of +84.2%, saw 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 more modest paces of growth.

Export Prices by Country

In 2022, the average jewelry export price amounted to $X per kg, reducing by -16.1% against the previous year. In general, the export price, however, posted significant growth. The pace of growth appeared the most rapid in 2014 an increase of 503%. Over the period under review, the average export prices attained the peak figure at $X per kg in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Switzerland ($X per kg), while the average price for exports to Germany ($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 Switzerland (+37.8%), while the prices for the other major destinations experienced more modest paces of growth.

Jewelry Imports

Imports into Indonesia

In 2022, overseas purchases of jewelry increased by 7.7% to X tons, rising for the second year in a row after two years of decline. In general, imports, however, showed a perceptible decline. The most prominent rate of growth was recorded in 2017 with an increase of 94% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, jewelry imports surged to $X in 2022. Over the period under review, imports showed a strong increase. The growth pace was the most rapid in 2017 with an increase of 91%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

The United Arab Emirates (X tons), China (X tons) and Hong Kong SAR (X tons) were the main suppliers of jewelry imports to Indonesia, together comprising 55% of total imports. Thailand, Italy, Germany, Vietnam, Singapore and the United States lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +109.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Vietnam ($X) and Italy ($X) appeared to be the largest jewelry suppliers to Indonesia, together comprising 54% of total imports.

Among the main suppliers, Vietnam, with a CAGR of +346.6%, saw 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

The average jewelry import price stood at $X per ton in 2022, rising by 56% against the previous year. Overall, the import price showed strong growth. The growth pace was the most rapid in 2014 when the average import price increased by 62%. The import price peaked in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+112.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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