MENA: Jewelry Market 2024

Jewelry Market Size in MENA

In 2021, the MENA's jewelry market increased by 4.9% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption recorded a deep reduction. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Jewelry Production in MENA

In value terms, jewelry production dropped to $X in 2021 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the production volume increased by 24% against the previous year. As a result, production attained the peak level of $X, and then shrank in the following year.

Jewelry Exports

Exports in MENA

In 2021, overseas shipments of jewelry were finally on the rise to reach X tons after three years of decline. Over the period under review, exports, however, recorded a relatively flat trend pattern. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, jewelry exports soared to $X in 2021. In general, exports recorded pronounced growth. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Turkey was the main exporter of jewelry in MENA, with the volume of exports finishing at X tons, which was approx. 49% of total exports in 2021. Israel (X tons) took a 27% share (based on physical terms) of total exports, which put it in second place, followed by the United Arab Emirates (16%). The following exporters - Lebanon (X tons), Saudi Arabia (X tons) and Jordan (X tons) - each recorded a 6.2% share of total exports.

From 2012 to 2021, the biggest increases were in Turkey (with a CAGR of +14.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest jewelry supplying countries in MENA were Turkey ($X), the United Arab Emirates ($X) and Saudi Arabia ($X), together comprising 92% of total exports.

Turkey, with a CAGR of +11.0%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in MENA stood at $X per kg in 2021, waning by -15% against the previous year. In general, the export price, however, posted a perceptible expansion. The most prominent rate of growth was recorded in 2018 an increase of 48%. The level of export peaked at $X per kg in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Saudi Arabia ($X per kg), while Israel ($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 (+12.3%), while the other leaders experienced more modest paces of growth.

Jewelry Imports

Imports in MENA

In 2021, purchases abroad of jewelry decreased by -47% to X tons, falling for the fourth consecutive year after two years of growth. Overall, imports faced a abrupt contraction. The most prominent rate of growth was recorded in 2014 with an increase of 23%. Over the period under review, imports attained the peak figure at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, jewelry imports surged to $X in 2021. In general, imports showed a abrupt contraction. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

The United Arab Emirates prevails in imports structure, amounting to X tons, which was approx. 55% of total imports in 2021. Saudi Arabia (X tons) held the second position in the ranking, followed by Egypt (X tons), Turkey (X tons) and Israel (X tons). All these countries together took approx. 23% share of total imports. The following importers - Iraq (X tons), Qatar (X tons), Bahrain (X tons), Iran (X tons) and Kuwait (X tons) - together made up 16% of total imports.

Imports into the United Arab Emirates decreased at an average annual rate of -10.6% from 2012 to 2021. At the same time, Egypt (+40.0%), Iraq (+22.8%), Bahrain (+17.3%), Israel (+9.9%), Kuwait (+2.8%) and Saudi Arabia (+2.7%) displayed positive paces of growth. Moreover, Egypt emerged as the fastest-growing importer imported in MENA, with a CAGR of +40.0% from 2012-2021. By contrast, Turkey (-3.4%), Iran (-20.2%) and Qatar (-33.8%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+14 p.p.), Egypt (+5.7 p.p.), Saudi Arabia (+5 p.p.), Israel (+4.6 p.p.), Iraq (+4.1 p.p.), Turkey (+3.6 p.p.), Bahrain (+3.4 p.p.) and Kuwait (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Iran (-2.3 p.p.) and Qatar (-41.5 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported jewelry in MENA, comprising 50% of total imports. The second position in the ranking was taken by Iraq ($X), with a 12% share of total imports. It was followed by Saudi Arabia, with a 7.9% share.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates totaled -9.9%. In the other countries, the average annual rates were as follows: Iraq (+24.9% per year) and Saudi Arabia (+10.7% per year).

Import Prices by Country

In 2021, the import price in MENA amounted to $X per kg, with an increase of 220% against the previous year. In general, the import price posted prominent growth. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+59.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform