Malaysia: Jewelry Market 2024

Jewelry Market Size in Malaysia

The Malaysian jewelry market declined sharply to $X in 2021, dropping by -18.9% against the previous year. Over the period under review, consumption, however, recorded a mild contraction. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Jewelry Production in Malaysia

In value terms, jewelry production fell to $X in 2021 estimated in export price. In general, production continues to indicate a resilient increase. The pace of growth appeared the most rapid in 2013 when the production volume increased by 105%. As a result, production reached the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Jewelry Exports

Exports from Malaysia

In 2021, overseas shipments of jewelry increased by 242% to X tons, rising for the fifth consecutive year after three years of decline. Overall, exports enjoyed a prominent increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, jewelry exports skyrocketed to $X in 2021. Over the period under review, exports, however, saw a abrupt decrease. The growth pace was the most rapid in 2013 with an increase of 63%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for jewelry exports from Malaysia, with a 91% share of total exports. It was followed by Singapore (X tons), with a 2.9% share of total exports. Taiwan (Chinese) (X tons) ranked third in terms of total exports with a 1.8% share.

From 2012 to 2021, the average annual growth rate of volume to Japan amounted to +83.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-10.1% per year) and Taiwan (Chinese) (+58.9% per year).

In value terms, the largest markets for jewelry exported from Malaysia were Singapore ($X), the United Arab Emirates ($X) and Japan ($X), together comprising 88% of total exports. These countries were followed by Hong Kong SAR and Taiwan (Chinese), which together accounted for a further 3.1%.

Taiwan (Chinese), with a CAGR of +33.0%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average jewelry export price amounted to $X per kg, falling by -63.7% against the previous year. Overall, the export price continues to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2015 an increase of 44%. Over the period under review, the average export prices attained the peak figure 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 the United Arab Emirates ($X per kg), while the average price for exports to Taiwan (Chinese) ($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 Singapore (+16.3%), while the prices for the other major destinations experienced more modest paces of growth.

Jewelry Imports

Imports into Malaysia

In 2021, purchases abroad of jewelry decreased by -0.3% to X tons, falling for the fourth consecutive year after two years of growth. Overall, imports showed a abrupt curtailment. The growth pace was the most rapid in 2017 with an increase of 223%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, jewelry imports soared to $X in 2021. In general, imports, however, enjoyed a buoyant expansion. The growth pace was the most rapid in 2018 when imports increased by 117% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

Hong Kong SAR (X tons), Thailand (X tons) and China (X tons) were the main suppliers of jewelry imports to Malaysia, together comprising 48% of total imports. These countries were followed by France, Singapore, India, Italy, the United Arab Emirates, Japan, Switzerland, the United States and Vietnam, which together accounted for a further 44%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of +19.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest jewelry suppliers to Malaysia were India ($X), the United Arab Emirates ($X) and Italy ($X), with a combined 45% share of total imports. Hong Kong SAR, Singapore, Thailand, France, China, the United States, Japan, Switzerland and Vietnam lagged somewhat behind, together comprising a further 43%.

Among the main suppliers, Vietnam, with a CAGR of +72.7%, recorded 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 average jewelry import price stood at $X per kg in 2021, picking up by 51% against the previous year. In general, the import price showed significant growth. The most prominent rate of growth was recorded in 2018 an increase of 231% against the previous year. Over the period under review, average import prices reached the peak figure in 2021 and is expected to retain growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+197.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :