Iraq: Jewelry Market 2024

Jewelry Market Size in Iraq

The Iraqi jewelry market soared to $X in 2021, growing by 55% against the previous year. In general, the total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Jewelry Production in Iraq

In value terms, jewelry production dropped to $X in 2021 estimated in export price. Overall, production saw a noticeable decline. The pace of growth appeared the most rapid in 2019 with an increase of 29%. Jewelry production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Jewelry Exports

Exports from Iraq

After three years of growth, shipments abroad of jewelry decreased by -84.8% to X kg in 2021. Overall, exports continue to indicate a noticeable downturn. The pace of growth was the most pronounced in 2019 when exports increased by 265% against the previous year. The exports peaked at X kg in 2020, and then plummeted in the following year.

In value terms, jewelry exports declined significantly to $X in 2021. In general, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2019 with an increase of 174% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The United States (X kg) was the main destination for jewelry exports from Iraq, with a 65% share of total exports. Moreover, jewelry exports to the United States exceeded the volume sent to the second major destination, Turkey (X kg), fivefold. The United Arab Emirates (X kg) ranked third in terms of total exports with an 8.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +134.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (-21.4% per year) and the United Arab Emirates (-1.8% per year).

In value terms, the United States ($X) remains the key foreign market for jewelry exports from Iraq, comprising 79% of total exports. The second position in the ranking was taken by Turkey ($X), with an 11% share of total exports. It was followed by the United Arab Emirates, with a 9.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +141.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+29.5% per year) and the United Arab Emirates (+2.0% per year).

Export Prices by Country

The average jewelry export price stood at $X per kg in 2021, growing by 353% against the previous year. Overall, the export price posted a significant increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was the United States ($X per kg), while the average price for exports to Finland ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+64.8%), while the prices for the other major destinations experienced more modest paces of growth.

Jewelry Imports

Imports into Iraq

In 2021, approx. X tons of jewelry were imported into Iraq; dropping by -12.2% compared with the year before. Over the period under review, imports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 555%. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, jewelry imports soared to $X in 2021. Overall, imports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 328%. Imports peaked at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Turkey (X tons) constituted the largest supplier of jewelry to Iraq, accounting for a 69% share of total imports. Moreover, jewelry imports from Turkey exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), twofold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Turkey amounted to +21.1%.

In value terms, the largest jewelry suppliers to Iraq were Turkey ($X) and the United Arab Emirates ($X).

In terms of the main suppliers, the United Arab Emirates, with a CAGR of +44.0%, recorded the highest rates of growth with regard to the value of imports, over the period under review.

Import Prices by Country

The average jewelry import price stood at $X per kg in 2021, with an increase of 75% against the previous year. Overall, import price indicated a modest expansion from 2012 to 2021: its price increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2021, the country with the highest price was the United Arab Emirates ($X per kg), while the price for Turkey stood at $X per kg.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+5.3%).

Source: IndexBox Platform

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