Norway: Jewelry Market 2024

Jewelry Market Size in Norway

The Norwegian jewelry market was finally on the rise to reach $X in 2021, after three years of decline. The market value increased at an average annual rate of +3.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Jewelry Production in Norway

In value terms, jewelry production reached $X in 2021 estimated in export price. Overall, production recorded a deep reduction. The pace of growth was the most pronounced in 2017 with an increase of 12% against the previous year. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Jewelry Exports

Exports from Norway

In 2021, the amount of jewelry exported from Norway surged to X tons, growing by 44% against 2020 figures. Over the period under review, exports showed a resilient expansion. The growth pace was the most rapid in 2018 when exports increased by 60%. Over the period under review, the exports attained the peak figure in 2021 and are likely to see steady growth in years to come.

In value terms, jewelry exports soared to $X in 2021. Overall, exports, however, continue to indicate a pronounced curtailment. The pace of growth appeared the most rapid in 2013 when exports increased by 87%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The UK (X tons), Poland (X tons) and Sweden (X tons) were the main destinations of jewelry exports from Norway, together accounting for 45% of total exports.

From 2012 to 2021, the biggest increases were in Poland (with a CAGR of +129.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for jewelry exported from Norway were Japan ($X), the UK ($X) and Poland ($X), together accounting for 41% of total exports.

Japan, with a CAGR of +185.3%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average jewelry export price stood at $X per kg in 2021, picking up by 16% against the previous year. In general, the export price, however, showed a abrupt slump. The pace of growth appeared the most rapid in 2013 an increase of 103%. As a result, the export price attained the peak level of $X per kg. From 2014 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was South Africa ($X per kg), while the average price for exports to Finland ($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 South Africa (+3.2%), while the prices for the other major destinations experienced a decline.

Jewelry Imports

Imports into Norway

In 2021, purchases abroad of jewelry increased by 63% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, jewelry imports skyrocketed to $X in 2021. Over the period under review, total imports indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +68.7% against 2016 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest jewelry supplier to Norway, accounting for a 47% share of total imports. Moreover, jewelry imports from China exceeded the figures recorded by the second-largest supplier, Denmark (X tons), fourfold. The third position in this ranking was taken by Thailand (X tons), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +25.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+6.1% per year) and Thailand (-1.7% per year).

In value terms, the largest jewelry suppliers to Norway were Thailand ($X), China ($X) and India ($X), together comprising 40% of total imports. These countries were followed by Denmark, Germany, the United States, Hong Kong SAR, Italy, Turkey, Sweden and the UK, which together accounted for a further 46%.

The United States, with a CAGR of +21.7%, recorded the highest rates of growth with regard to 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 2021, the average jewelry import price amounted to $X per ton, dropping by -13.1% against the previous year. In general, the import price showed a pronounced reduction. The most prominent rate of growth was recorded in 2017 when the average import price increased by 20%. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+18.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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