Norway: Market for Cultured Pearls, Precious Or Semi-Precious Stones 2024

Market Size for Cultured Pearls, Precious Or Semi-Precious Stones in Norway

In 2022, the Norwegian precious stone and pearl market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption recorded a deep reduction. Precious stone and pearl consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Production of Cultured Pearls, Precious Or Semi-Precious Stones in Norway

In value terms, precious stone and pearl production surged to $X in 2022 estimated in export price. In general, production continues to indicate a strong expansion. Precious stone and pearl production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Cultured Pearls, Precious Or Semi-Precious Stones

Exports from Norway

In 2022, approx. X tons of cultured pearls, precious or semi-precious stones were exported from Norway; growing by 38% compared with the previous year. In general, exports showed resilient growth. The growth pace was the most rapid in 2020 when exports increased by 631%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, precious stone and pearl exports soared to $X in 2022. Overall, exports continue to indicate a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Sweden (X tons) was the main destination for precious stone and pearl exports from Norway, accounting for a 92% share of total exports. Moreover, precious stone and pearl exports to Sweden exceeded the volume sent to the second major destination, Thailand (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Sweden stood at +97.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-6.7% per year) and Belgium (-18.0% per year).

In value terms, Belgium ($X) remains the key foreign market for cultured pearls, precious or semi-precious stones exports from Norway, comprising 7.3% of total exports. The second position in the ranking was taken by Thailand ($X), with a 0.8% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Belgium totaled +9.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+43.0% per year) and Sweden (-10.2% per year).

Export Prices by Country

In 2022, the average precious stone and pearl export price amounted to $X per ton, rising by 584% against the previous year. In general, the export price enjoyed a modest increase. Over the period under review, the average export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to Sweden ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+91.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Cultured Pearls, Precious Or Semi-Precious Stones

Imports into Norway

After two years of growth, overseas purchases of cultured pearls, precious or semi-precious stones decreased by -10% to X tons in 2022. In general, imports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2018 with an increase of 64% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then fell in the following year.

In value terms, precious stone and pearl imports rose modestly to $X in 2022. The total import value increased at an average annual rate of +1.2% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 20%. As a result, imports reached the peak of $X; afterwards, it flattened through to 2022.

Imports by Country

Belgium (X tons), Israel (X tons) and Denmark (X tons) were the main suppliers of precious stone and pearl imports to Norway, with a combined 40% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Denmark (with a CAGR of +81.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X), Israel ($X) and Germany ($X) were the largest precious stone and pearl suppliers to Norway, together comprising 48% of total imports. Hong Kong SAR, the UK, Denmark, Sweden, the Netherlands and Turkey lagged somewhat behind, together accounting for a further 10%.

The UK, with a CAGR of +13.3%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average precious stone and pearl import price amounted to $X per ton, surging by 13% against the previous year. Over the period under review, the import price, however, showed a deep setback. The pace of growth was the most pronounced in 2014 when the average import price increased by 49% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+38.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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