Latin America and the Caribbean: Jewelry Market 2024

Jewelry Market Size in Latin America and the Caribbean

The Latin American jewelry market amounted to $X in 2022, remaining relatively unchanged against the previous year. Over the period under review, consumption recorded a slight decline. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Jewelry Production in Latin America and the Caribbean

In value terms, jewelry production reached $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 43%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Jewelry Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of jewelry increased by 66% to X tons, rising for the second year in a row after two years of decline. In general, exports enjoyed a noticeable expansion. The pace of growth appeared the most rapid in 2021 with an increase of 115%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, jewelry exports shrank rapidly to $X in 2022. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 67%. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Mexico represented the main exporting country with an export of around X tons, which resulted at 66% of total exports. Guatemala (X tons) took a 13% share (based on physical terms) of total exports, which put it in second place, followed by the Dominican Republic (9.1%). The following exporters - Peru (X tons), Brazil (X tons), Panama (X tons) and Colombia (X tons) - together made up 11% of total exports.

Exports from Mexico increased at an average annual rate of +9.8% from 2012 to 2022. At the same time, Colombia (+17.4%), Guatemala (+13.8%) and the Dominican Republic (+3.1%) displayed positive paces of growth. Moreover, Colombia emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +17.4% from 2012-2022. By contrast, Peru (-3.4%), Brazil (-14.1%) and Panama (-17.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Mexico and Guatemala increased by +31 and +8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest jewelry supplying countries in Latin America and the Caribbean were Mexico ($X), the Dominican Republic ($X) and Peru ($X), with a combined 78% share of total exports. Brazil, Panama, Colombia and Guatemala lagged somewhat behind, together accounting for a further 6.6%.

Among the main exporting countries, Colombia, with a CAGR of +16.4%, 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 more modest paces of growth.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per kg, reducing by -53.8% against the previous year. Over the period under review, the export price continues to indicate a perceptible downturn. The most prominent rate of growth was recorded in 2015 when the export price increased by 93%. As a result, the export price attained the peak level of $X per kg. From 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Dominican Republic ($X per kg), while Guatemala ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (+9.6%), while the other leaders experienced more modest paces of growth.

Jewelry Imports

Imports in Latin America and the Caribbean

In 2022, imports of jewelry in Latin America and the Caribbean stood at X tons, approximately equating the previous year's figure. Total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +80.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 80% against the previous year. The volume of import peaked in 2022 and is likely to see gradual growth in the immediate term.

In value terms, jewelry imports rose rapidly to $X in 2022. The total import value increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 48% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

Chile was the major importing country with an import of about X tons, which resulted at 40% of total imports. Mexico (X tons) took a 19% share (based on physical terms) of total imports, which put it in second place, followed by the Dominican Republic (13%), Guatemala (8%) and Brazil (5.4%). The following importers - El Salvador (X tons) and Bolivia (X tons) - together made up 4.8% of total imports.

Imports into Chile increased at an average annual rate of +25.3% from 2012 to 2022. At the same time, the Dominican Republic (+26.3%), Bolivia (+11.5%), Mexico (+8.2%), Guatemala (+7.5%) and Brazil (+2.2%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +26.3% from 2012-2022. El Salvador experienced a relatively flat trend pattern. From 2012 to 2022, the share of Chile, the Dominican Republic and Mexico increased by +32, +10 and +2.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest jewelry importing markets in Latin America and the Caribbean were Mexico ($X), the Dominican Republic ($X) and Chile ($X), together accounting for 79% of total imports.

In terms of the main importing countries, the Dominican Republic, with a CAGR of +18.5%, saw the highest rates of growth with regard to 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 import price in Latin America and the Caribbean stood at $X per kg in 2022, rising by 8.5% against the previous year. In general, the import price, however, showed a perceptible downturn. The most prominent rate of growth was recorded in 2015 an increase of 25% against the previous year. Over the period under review, import prices reached the maximum at $X per kg in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Dominican Republic ($X per kg), while Bolivia ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by El Salvador (+6.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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