Kuwait: Jewelry Market 2024

Jewelry Market Size in Kuwait

The Kuwaiti jewelry market soared to $X in 2021, increasing by 83% against the previous year. Overall, consumption posted a resilient increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Jewelry Production in Kuwait

In value terms, jewelry production contracted to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a strong expansion. The pace of growth appeared the most rapid in 2020 when the production volume increased by 16%. As a result, production reached the peak level of $X, and then shrank in the following year.

Jewelry Exports

Exports from Kuwait

In 2021, overseas shipments of jewelry decreased by -70% to X kg, falling for the third year in a row after two years of growth. Overall, exports faced a precipitous slump. The growth pace was the most rapid in 2017 when exports increased by 33% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, jewelry exports declined to $X in 2021. Over the period under review, exports continue to indicate a dramatic slump. The growth pace was the most rapid in 2019 when exports increased by 23% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X kg) was the main destination for jewelry exports from Kuwait, accounting for a 35% share of total exports. Moreover, jewelry exports to the United Arab Emirates exceeded the volume sent to the second major destination, Spain (X kg), twofold. Lebanon (X kg) ranked third in terms of total exports with a 14% share.

From 2012 to 2021, the average annual growth rate of volume to the United Arab Emirates stood at -37.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+94.7% per year) and Lebanon (-12.5% per year).

In value terms, the largest markets for jewelry exported from Kuwait were Lebanon ($X), Switzerland ($X) and the United Arab Emirates ($X), with a combined 79% share of total exports. These countries were followed by Qatar, Italy, Spain and Saudi Arabia, which together accounted for a further 3.2%.

In terms of the main countries of destination, Spain, with a CAGR of +21.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average jewelry export price amounted to $X per kg, jumping by 215% against the previous year. In general, the export price recorded a strong expansion. The export price peaked at $X per kg in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Switzerland ($X per kg), while the average price for exports to Saudi Arabia ($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 Switzerland (+17.3%), while the prices for the other major destinations experienced more modest paces of growth.

Jewelry Imports

Imports into Kuwait

After four years of decline, purchases abroad of jewelry increased by 256% to X tons in 2021. Overall, imports recorded pronounced growth. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, jewelry imports surged to $X in 2021. Over the period under review, imports posted a prominent expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest jewelry supplier to Kuwait, with a 61% share of total imports. Moreover, jewelry imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, France (X tons), fourfold. The third position in this ranking was held by China (X tons), with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United Arab Emirates amounted to +9.0%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+7.3% per year) and China (+36.4% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of jewelry to Kuwait, comprising 81% of total imports. The second position in the ranking was taken by India ($X), with a 5% share of total imports. It was followed by Italy, with a 3.2% share.

From 2012 to 2021, the average annual growth rate of value from the United Arab Emirates totaled +13.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+17.2% per year) and Italy (+6.4% per year).

Import Prices by Country

The average jewelry import price stood at $X per kg in 2021, waning by -35.1% against the previous year. In general, the import price, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2015 an increase of 76% against the previous year. The import price peaked at $X per kg in 2020, and then fell markedly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was India ($X per kg), while the price for China ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+22.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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