Middle East: Jewelry Market 2024

Jewelry Market Size in the Middle East

The Middle Eastern jewelry market dropped significantly to $X in 2022, shrinking by -36.6% against the previous year. In general, consumption showed a noticeable descent. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Jewelry Production in the Middle East

In value terms, jewelry production dropped to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2018 when the production volume increased by 138% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Jewelry Exports

Exports in the Middle East

Jewelry exports stood at X tons in 2022, rising by 5.7% compared with 2021 figures. Total exports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +98.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 88% against the previous year. The volume of export peaked in 2022 and is likely to see gradual growth in years to come.

In value terms, jewelry exports rose modestly to $X in 2022. Over the period under review, exports saw pronounced growth. The most prominent rate of growth was recorded in 2021 with an increase of 66%. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Turkey (X tons), Israel (X tons) and the United Arab Emirates (X tons) represented roughly 95% of total exports in 2022. Lebanon (X tons) held a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Turkey (with a CAGR of +12.4%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Turkey ($X), the United Arab Emirates ($X) and Israel ($X) constituted the countries with the highest levels of exports in 2022, together accounting for 91% of total exports.

Turkey, with a CAGR of +11.8%, 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 the Middle East stood at $X per kg in 2022, which is down by -2% against the previous year. Over the period under review, the export price, however, recorded a slight increase. The pace of growth was the most pronounced in 2018 when the export price increased by 55%. Over the period under review, the export prices attained the maximum at $X per kg in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per kg), while Israel ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lebanon (+12.5%), while the other leaders experienced mixed trends in the export price figures.

Jewelry Imports

Imports in the Middle East

In 2022, the amount of jewelry imported in the Middle East fell dramatically to X tons, reducing by -37.5% compared with 2021 figures. Over the period under review, imports faced a abrupt curtailment. The pace of growth appeared the most rapid in 2021 when imports increased by 124% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, jewelry imports declined sharply to $X in 2022. In general, imports recorded a abrupt downturn. The growth pace was the most rapid in 2021 when imports increased by 79%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates was the largest importing country with an import of around X tons, which finished at 46% of total imports. It was distantly followed by Turkey (X tons), Israel (X tons), Iraq (X tons) and Qatar (X tons), together creating a 41% share of total imports. Saudi Arabia (X tons) and Kuwait (X tons) followed a long way behind the leaders.

Imports into the United Arab Emirates decreased at an average annual rate of -9.0% from 2012 to 2022. At the same time, Iraq (+20.5%) and Israel (+11.7%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +20.5% from 2012-2022. Turkey and Kuwait experienced a relatively flat trend pattern. By contrast, Saudi Arabia (-7.3%) and Qatar (-31.1%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+21 p.p.), Turkey (+12 p.p.), Israel (+10 p.p.), Iraq (+8.1 p.p.), Saudi Arabia (+2.3 p.p.) and Kuwait (+2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Qatar (-54.1 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported jewelry in the Middle East, comprising 59% of total imports. The second position in the ranking was held by Iraq ($X), with a 12% share of total imports. It was followed by Turkey, with a 7.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates stood at -8.8%. The remaining importing countries recorded the following average annual rates of imports growth: Iraq (+19.9% per year) and Turkey (+8.9% per year).

Import Prices by Country

The import price in the Middle East stood at $X per kg in 2022, with an increase of 29% against the previous year. In general, the import price posted a resilient expansion. The most prominent rate of growth was recorded in 2013 an increase of 115%. The level of import peaked at $X per kg in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Kuwait ($X per kg), while Israel ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+42.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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