Malaysia: Market for Cultured Pearls, Precious Or Semi-Precious Stones 2024

Market Size for Cultured Pearls, Precious Or Semi-Precious Stones in Malaysia

After two years of growth, the Malaysian precious stone and pearl market decreased by -0.7% to $X in 2022. In general, consumption continues to indicate a tangible increase. Precious stone and pearl consumption peaked at $X in 2021, and then contracted modestly in the following year.

Production of Cultured Pearls, Precious Or Semi-Precious Stones in Malaysia

In value terms, precious stone and pearl production expanded slightly to $X in 2022 estimated in export price. Overall, production showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 18% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Exports of Cultured Pearls, Precious Or Semi-Precious Stones

Exports from Malaysia

Precious stone and pearl exports from Malaysia fell significantly to X tons in 2022, reducing by -17.7% on 2021 figures. Overall, exports recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 55% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, precious stone and pearl exports contracted to $X in 2022. In general, exports recorded a abrupt slump. The pace of growth appeared the most rapid in 2019 with an increase of 13% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Singapore (X tons), the United States (X tons) and India (X tons) were the main destinations of precious stone and pearl exports from Malaysia, with a combined 56% share of total exports. Thailand, Belgium and Hong Kong SAR lagged somewhat behind, together comprising a further 44%.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +22.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) remains the key foreign market for cultured pearls, precious or semi-precious stones exports from Malaysia, comprising 63% of total exports. The second position in the ranking was held by the United States ($X), with a 15% share of total exports. It was followed by Singapore, with a 14% share.

From 2012 to 2022, the average annual growth rate of value to Hong Kong SAR totaled -12.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+14.2% per year) and Singapore (-11.6% per year).

Export Prices by Country

The average precious stone and pearl export price stood at $X per ton in 2022, surging by 16% against the previous year. Overall, the export price, however, faced a abrupt decline. The pace of growth was the most pronounced in 2014 when the average export price increased by 28%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+9.5%), while the prices for the other major destinations experienced a decline.

Imports of Cultured Pearls, Precious Or Semi-Precious Stones

Imports into Malaysia

In 2022, approx. X tons of cultured pearls, precious or semi-precious stones were imported into Malaysia; dropping by -10% compared with the previous year. Over the period under review, imports, however, enjoyed perceptible growth. The pace of growth was the most pronounced in 2018 with an increase of 285%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, precious stone and pearl imports declined notably to $X in 2022. In general, imports recorded a drastic downturn. The growth pace was the most rapid in 2021 when imports increased by 128% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Hong Kong SAR (X tons) constituted the largest supplier of precious stone and pearl to Malaysia, with a 43% share of total imports. Moreover, precious stone and pearl imports from Hong Kong SAR exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), fourfold. The third position in this ranking was held by Thailand (X tons), with a 9.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Hong Kong SAR amounted to +17.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+15.7% per year) and Thailand (+14.9% per year).

In value terms, Hong Kong SAR ($X) constituted the largest supplier of cultured pearls, precious or semi-precious stones to Malaysia, comprising 65% of total imports. The second position in the ranking was taken by India ($X), with a 17% share of total imports. It was followed by Singapore, with a 5.1% share.

From 2012 to 2022, the average annual growth rate of value from Hong Kong SAR stood at -4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-9.4% per year) and Singapore (-8.6% per year).

Import Prices by Country

In 2022, the average precious stone and pearl import price amounted to $X per ton, which is down by -19.4% against the previous year. In general, the import price recorded a deep reduction. The pace of growth was the most pronounced in 2021 an increase of 82%. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+71.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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