Libya: Jewelry Market 2024

Jewelry Market Size in Libya

In 2021, the Libyan jewelry market decreased by -5.6% to $X, falling for the second consecutive year after two years of growth. In general, consumption recorded a pronounced slump. Jewelry consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Jewelry Production in Libya

In value terms, jewelry production declined sharply to $X in 2021 estimated in export price. Overall, production saw a abrupt curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 363%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Jewelry Exports

Exports from Libya

In 2021, overseas shipments of jewelry decreased by -24% to X kg, falling for the seventh consecutive year after three years of growth. Overall, exports continue to indicate a dramatic decline. The most prominent rate of growth was recorded in 2013 when exports increased by 66% against the previous year. The exports peaked at X kg in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, jewelry exports fell markedly to $X in 2021. Over the period under review, exports saw a abrupt downturn. The pace of growth appeared the most rapid in 2013 when exports increased by 25% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Turkey (X kg) was the main destination for jewelry exports from Libya, with a 63% share of total exports. Moreover, jewelry exports to Turkey exceeded the volume sent to the second major destination, the United Arab Emirates (X kg), threefold. Norway (X kg) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to Turkey stood at +31.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-33.5% per year) and Norway (0.0% per year).

In value terms, Turkey ($X) remains the key foreign market for jewelry exports from Libya, comprising 74% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 25% share of total exports. It was followed by Norway, with a 0.3% share.

From 2012 to 2021, the average annual growth rate of value to Turkey stood at +30.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-29.4% per year) and Norway (0.0% per year).

Export Prices by Country

In 2021, the average jewelry export price amounted to $X per kg, with an increase of 5.3% against the previous year. Over the period under review, the export price enjoyed a notable increase. The most prominent rate of growth was recorded in 2019 when the average export price increased by 108%. As a result, the export price reached the peak level of $X per kg. From 2020 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was the United Arab Emirates ($X per kg), while the average price for exports to Saudi Arabia ($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 the United Arab Emirates (+6.1%).

Jewelry Imports

Imports into Libya

In 2021, approx. X tons of jewelry were imported into Libya; jumping by 153% compared with the year before. Over the period under review, imports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2013 with an increase of 204% against the previous year. Over the period under review, imports reached the maximum 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. In general, imports posted prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Turkey (X tons) was the main jewelry supplier to Libya, with a 96% share of total imports. It was followed by the United Arab Emirates (X kg), with a 2.1% share of total imports. The third position in this ranking was held by Italy (X kg), with a 1.2% share.

From 2012 to 2021, the average annual growth rate of volume from Turkey stood at +12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+13.1% per year) and Italy (-25.5% per year).

In value terms, Turkey ($X) constituted the largest supplier of jewelry to Libya, comprising 95% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 4.3% share of total imports. It was followed by Italy, with a 0.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Turkey stood at +20.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+73.9% per year) and Italy (-34.6% per year).

Import Prices by Country

The average jewelry import price stood at $X per kg in 2021, jumping by 45% against the previous year. Overall, the import price posted pronounced growth. The pace of growth was the most pronounced in 2017 an increase of 103%. Over the period under review, average import prices reached the peak figure in 2021 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+53.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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