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

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

The Omani precious stone and pearl market declined to $X in 2022, falling by -5.4% against the previous year. Overall, the total consumption indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +5.9% against 2020 indices. Precious stone and pearl consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

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

In value terms, precious stone and pearl production shrank to $X in 2022 estimated in export price. In general, the total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.8% against 2020 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 17%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Exports of Cultured Pearls, Precious Or Semi-Precious Stones

Exports from Oman

In 2022, the amount of cultured pearls, precious or semi-precious stones exported from Oman soared to X tons, growing by 31% on the previous year. Overall, exports showed a resilient increase. The pace of growth was the most pronounced in 2014 with an increase of 2,062% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, precious stone and pearl exports fell notably to $X in 2022. In general, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2014 when exports increased by 578% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Thailand (X tons) was the main destination for precious stone and pearl exports from Oman, with a 87% share of total exports. Moreover, precious stone and pearl exports to Thailand exceeded the volume sent to the second major destination, Qatar (X tons), sevenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Thailand amounted to +8.8%.

In value terms, Qatar ($X) remains the key foreign market for cultured pearls, precious or semi-precious stones exports from Oman, comprising 89% of total exports. The second position in the ranking was taken by Thailand ($X), with a 0.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Qatar totaled +97.5%.

Export Prices by Country

In 2022, the average precious stone and pearl export price amounted to $X per ton, waning by -42.9% against the previous year. Over the period under review, the export price, however, posted significant growth. The growth pace was the most rapid in 2013 when the average export price increased by 936% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to Thailand amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (+79.2%), while the prices for the other major destinations experienced a decline.

Imports of Cultured Pearls, Precious Or Semi-Precious Stones

Imports into Oman

In 2022, the amount of cultured pearls, precious or semi-precious stones imported into Oman dropped notably to X tons, shrinking by -30% against the previous year's figure. In general, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2015 with an increase of 1,184%. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, precious stone and pearl imports amounted to $X in 2022. Over the period under review, imports, however, showed a significant increase. The most prominent rate of growth was recorded in 2015 when imports increased by 396% against the previous year. Over the period under review, imports attained the peak figure at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates (X tons), Thailand (X tons) and Yemen (X tons) were the main suppliers of precious stone and pearl imports to Oman, together accounting for 82% of total imports. Brazil lagged somewhat behind, comprising a further 16%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Brazil (with a CAGR of +38.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) constituted the largest supplier of cultured pearls, precious or semi-precious stones to Oman, comprising 20% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 6.4% share of total imports. It was followed by Yemen, with a 0.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Thailand totaled +94.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+17.7% per year) and Yemen (+25.5% per year).

Import Prices by Country

The average precious stone and pearl import price stood at $X per ton in 2022, picking up by 46% against the previous year. Overall, the import price showed prominent growth. The growth pace was the most rapid in 2016 an increase of 423%. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

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 Thailand ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+69.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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