Mexico: Jewelry Market 2024

Jewelry Market Size in Mexico

In 2021, the Mexican jewelry market increased by 23% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption, however, continues to indicate a perceptible decrease. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Jewelry Production in Mexico

In value terms, jewelry production reduced slightly to $X in 2021 estimated in export price. Overall, production continues to indicate a perceptible curtailment. The growth pace was the most rapid in 2015 with an increase of 184%. As a result, production reached the peak level of $X. From 2016 to 2021, production growth failed to regain momentum.

Jewelry Exports

Exports from Mexico

Jewelry exports from Mexico soared to X tons in 2021, growing by 50% on the previous year's figure. Overall, exports showed a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, jewelry exports soared to $X in 2021. In general, exports, however, saw a perceptible contraction. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for jewelry exports from Mexico, accounting for a 97% share of total exports. It was followed by Colombia (X kg), with a 0.3% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (-25.9% per year) and the UK (-33.7% per year).

In value terms, the United States ($X) remains the key foreign market for jewelry exports from Mexico, comprising 96% of total exports. The second position in the ranking was held by Colombia ($X), with a 0.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled -1.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (-22.0% per year) and the UK (-39.6% per year).

Export Prices by Country

The average jewelry export price stood at $X per kg in 2021, growing by 16% against the previous year. In general, the export price, however, saw a noticeable decrease. The pace of growth appeared the most rapid in 2014 when the average export price increased by 25% against the previous year. Over the period under review, the average export prices hit record highs at $X per kg in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per kg), while the average price for exports to Colombia ($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 Colombia (+5.3%), while the prices for the other major destinations experienced a decline.

Jewelry Imports

Imports into Mexico

In 2021, purchases abroad of jewelry was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports enjoyed a resilient increase. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, jewelry imports surged to $X in 2021. In general, total imports indicated a modest expansion from 2012 to 2021: its value increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of jewelry to Mexico, with a 63% share of total imports. Moreover, jewelry imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. Italy (X tons) ranked third in terms of total imports with a 6.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +18.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+0.0% per year) and Italy (+2.1% per year).

In value terms, the largest jewelry suppliers to Mexico were the United States ($X), Italy ($X) and Turkey ($X), with a combined 70% share of total imports.

Among the main suppliers, Turkey, with a CAGR of +29.3%, recorded the highest growth rate of 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

In 2021, the average jewelry import price amounted to $X per kg, increasing by 2.9% against the previous year. In general, the import price, however, recorded a abrupt descent. The pace of growth was the most pronounced in 2015 an increase of 18%. The import price peaked at $X per kg in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Turkey ($X per kg), while the price for China ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+24.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :