Middle East: Market for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver 2024

Market Size for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in the Middle East

The Middle Eastern market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver reduced to $X in 2022, waning by -5.9% against the previous year. Overall, consumption faced a abrupt contraction. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in the Middle East

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver dropped to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 45% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production of growth failed to regain momentum.

Exports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Exports in the Middle East

Exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver reduced sharply to X kg in 2022, with a decrease of -63.9% compared with 2021. In general, exports faced a dramatic decrease. The most prominent rate of growth was recorded in 2018 when exports increased by 95% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver shrank dramatically to $X in 2022. Overall, exports continue to indicate a significant curtailment. The growth pace was the most rapid in 2017 with an increase of 28% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates dominates silver structure, finishing at X kg, which was near 83% of total exports in 2022. It was distantly followed by Turkey (X kg), making up a 5.4% share of total exports. Israel (X kg), Kuwait (X kg), Lebanon (X kg) and Iraq (X kg) followed a long way behind the leaders.

Exports from the United Arab Emirates decreased at an average annual rate of -20.5% from 2012 to 2022. At the same time, Iraq (+25.9%) and Kuwait (+7.2%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +25.9% from 2012-2022. Lebanon experienced a relatively flat trend pattern. By contrast, Israel (-12.5%) and Turkey (-16.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates, Kuwait, Turkey, Israel, Lebanon and Iraq increased by +15, +3, +2.6, +2.5, +1.7 and +1.5 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest non-silver precious metal goldsmiths ware articles supplier in the Middle East, comprising 88% of total exports. The second position in the ranking was held by Israel ($X), with a 5.9% share of total exports. It was followed by Turkey, with a 3% share.

In the United Arab Emirates, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver plunged by an average annual rate of -19.1% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Israel (+6.9% per year) and Turkey (-23.1% per year).

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per kg, increasing by 54% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 92%. As a result, the export price reached the peak level of $X per kg. From 2018 to 2022, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Israel ($X per kg), while Iraq ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+22.1%), while the other leaders experienced more modest paces of growth.

Imports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Imports in the Middle East

In 2022, approx. X tons of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver were imported in the Middle East; which is down by -18.9% on the previous year. In general, imports continue to indicate a precipitous shrinkage. The most prominent rate of growth was recorded in 2016 when imports increased by 342%. Over the period under review, imports of reached the peak figure at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver reduced notably to $X in 2022. Overall, imports showed a precipitous descent. The pace of growth was the most pronounced in 2016 when imports increased by 205%. Over the period under review, imports of reached the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

The purchases of the three major importers of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver, namely the United Arab Emirates, Qatar and Bahrain, represented more than two-thirds of total import. It was distantly followed by Turkey (X kg), comprising a 5.2% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +24.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver in the Middle East, comprising 76% of total imports. The second position in the ranking was taken by Qatar ($X), with a 15% share of total imports. It was followed by Bahrain, with a 4.3% share.

In the United Arab Emirates, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver contracted by an average annual rate of -29.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Qatar (-9.5% per year) and Bahrain (-9.1% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per kg, falling by -2.4% against the previous year. In general, the import price showed a perceptible shrinkage. The most prominent rate of growth was recorded in 2020 when the import price increased by 86% against the previous year. Over the period under review, import prices attained the peak figure at $X per kg in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per kg), while Turkey ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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