Malaysia: Synthetic Gemstones Market 2024

Synthetic Gemstones Market Size in Malaysia

The Malaysian synthetic gemstones market surged to $X in 2021, increasing by 21% against the previous year. Over the period under review, consumption, however, recorded a abrupt decline. Synthetic gemstones consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Synthetic Gemstones Production in Malaysia

In value terms, synthetic gemstones production reduced notably to $X in 2021 estimated in export price. Over the period under review, the total production indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +44.6% against 2016 indices. The pace of growth was the most pronounced in 2020 with an increase of 49% against the previous year. As a result, production attained the peak level of $X, and then fell significantly in the following year.

Synthetic Gemstones Exports

Exports from Malaysia

For the third consecutive year, Malaysia recorded decline in overseas shipments of synthetic or reconstructed precious or semi-precious stones, which decreased by -44.8% to X tons in 2021. Over the period under review, exports showed a noticeable slump. The most prominent rate of growth was recorded in 2013 with an increase of 57%. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, synthetic gemstones exports declined to $X in 2021. Overall, exports, however, recorded a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of 73% against the previous year. The exports peaked at $X in 2020, and then shrank in the following year.

Exports by Country

Hong Kong SAR (X tons) was the main destination for synthetic gemstones exports from Malaysia, accounting for a 93% share of total exports. Moreover, synthetic gemstones exports to Hong Kong SAR exceeded the volume sent to the second major destination, Japan (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Hong Kong SAR stood at +5.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-11.5% per year) and China (-42.0% per year).

In value terms, the largest markets for synthetic gemstones exported from Malaysia were Hong Kong SAR ($X), Japan ($X) and China ($X).

In terms of the main countries of destination, Hong Kong SAR, with a CAGR of +36.6%, saw the highest growth rate of 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 synthetic gemstones export price amounted to $X per kg, rising by 66% against the previous year. In general, the export price saw a significant increase. The pace of growth was the most pronounced in 2020 an increase of 192% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is likely to continue growth in years to come.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per kg), while the average price for exports to Hong Kong SAR ($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 China (+48.0%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Gemstones Imports

Imports into Malaysia

After two years of decline, purchases abroad of synthetic or reconstructed precious or semi-precious stones increased by 5.8% to X tons in 2021. Over the period under review, imports, however, continue to indicate a abrupt decline. The pace of growth appeared the most rapid in 2013 with an increase of 1,836%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, synthetic gemstones imports expanded sharply to $X in 2021. In general, imports, however, recorded a abrupt setback. The pace of growth appeared the most rapid in 2017 when imports increased by 384%. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Japan (X tons) constituted the largest synthetic gemstones supplier to Malaysia, accounting for a 61% share of total imports. Moreover, synthetic gemstones imports from Japan exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. Hong Kong SAR (X tons) ranked third in terms of total imports with an 8.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan totaled +34.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-14.3% per year) and Hong Kong SAR (+41.7% per year).

In value terms, Japan ($X), Hong Kong SAR ($X) and China ($X) constituted the largest synthetic gemstones suppliers to Malaysia, together accounting for 100% of total imports.

Hong Kong SAR, with a CAGR of +54.2%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average synthetic gemstones import price stood at $X per ton in 2021, picking up by 3% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the average import price increased by 1,687%. Over the period under review, average import prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+12.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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