Indonesia: Synthetic Gemstones Market 2024

Synthetic Gemstones Market Size in Indonesia

In 2021, the Indonesian synthetic gemstones market was finally on the rise to reach $X after two years of decline. Overall, the total consumption indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -31.4% against 2018 indices. Synthetic gemstones consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Synthetic Gemstones Exports

Exports from Indonesia

In 2021, approx. X kg of synthetic or reconstructed precious or semi-precious stones were exported from Indonesia; which is down by -3.9% against 2020. Overall, exports showed a abrupt decrease. The most prominent rate of growth was recorded in 2016 with an increase of 618% against the previous year. Over the period under review, the exports hit record highs at X kg in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, synthetic gemstones exports skyrocketed to $X in 2021. Over the period under review, exports saw a deep slump. The pace of growth appeared the most rapid in 2016 with an increase of 498% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Thailand (X kg) was the main destination for synthetic gemstones exports from Indonesia, accounting for a 59% share of total exports. Moreover, synthetic gemstones exports to Thailand exceeded the volume sent to the second major destination, China (X kg), threefold. Japan (X kg) ranked third in terms of total exports with a 6.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Thailand stood at -16.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-3.4% per year) and Japan (-15.5% per year).

In value terms, Thailand ($X) remains the key foreign market for synthetic or reconstructed precious or semi-precious stones exports from Indonesia, comprising 59% of total exports. The second position in the ranking was held by China ($X), with a 20% share of total exports. It was followed by Japan, with an 18% share.

From 2012 to 2021, the average annual growth rate of value to Thailand was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-9.5% per year) and Japan (-18.7% per year).

Export Prices by Country

The average synthetic gemstones export price stood at $X per ton in 2021, increasing by 39% against the previous year. Over the period under review, the export price enjoyed a buoyant expansion. The pace of growth was the most pronounced in 2020 when the average export price increased by 317% against the previous year. Over the period under review, the average export prices reached the peak figure in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Sweden ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+18.0%), while the prices for the other major destinations experienced a decline.

Synthetic Gemstones Imports

Imports into Indonesia

In 2021, the amount of synthetic or reconstructed precious or semi-precious stones imported into Indonesia declined slightly to X tons, approximately mirroring the previous year's figure. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 61%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, synthetic gemstones imports expanded modestly to $X in 2021. Overall, total imports indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -32.0% against 2018 indices. The pace of growth appeared the most rapid in 2016 when imports increased by 37% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, South Korea (X tons) constituted the largest supplier of synthetic gemstones to Indonesia, with a 59% share of total imports. Moreover, synthetic gemstones imports from South Korea exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The United States (X tons) ranked third in terms of total imports with a 15% share.

From 2012 to 2021, the average annual growth rate of volume from South Korea was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+6.3% per year) and the United States (-5.1% per year).

In value terms, South Korea ($X), Japan ($X) and the United States ($X) constituted the largest synthetic gemstones suppliers to Indonesia, together accounting for 86% of total imports.

Japan, with a CAGR of +12.7%, saw the highest growth rate of 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 synthetic gemstones import price stood at $X per ton in 2021, growing by 3.9% against the previous year. Over the period under review, import price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the average import price increased by 51%. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+7.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :