Oman: Jewelry Market 2024

Jewelry Market Size in Oman

After three years of decline, the Omani jewelry market increased by 4.5% to $X in 2021. Over the period under review, consumption saw a relatively flat trend pattern. Jewelry consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Jewelry Production in Oman

In value terms, jewelry production soared to $X in 2021 estimated in export price. Overall, production continues to indicate a significant increase. The growth pace was the most rapid in 2013 when the production volume increased by 2,594% against the previous year. Jewelry production peaked at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Jewelry Exports

Exports from Oman

In 2021, the amount of jewelry exported from Oman declined to X tons, waning by -5.5% on the year before. In general, exports saw a abrupt slump. The growth pace was the most rapid in 2019 when exports increased by 92% against the previous year. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, jewelry exports reduced remarkably to $X in 2021. Overall, exports continue to indicate a sharp downturn. The pace of growth was the most pronounced in 2013 with an increase of 19%. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

The UK (X tons) was the main destination for jewelry exports from Oman, with a 74% share of total exports. Moreover, jewelry exports to the UK exceeded the volume sent to the second major destination, the United States (X kg), threefold. Qatar (X kg) ranked third in terms of total exports with an 8.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the UK stood at +44.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-33.0% per year) and Qatar (-6.5% per year).

In value terms, the United States ($X) remains the key foreign market for jewelry exports from Oman, comprising 79% of total exports. The second position in the ranking was held by the UK ($X), with a 2% share of total exports. It was followed by Qatar, with a 1.9% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to -26.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+36.5% per year) and Qatar (+56.6% per year).

Export Prices by Country

In 2021, the average jewelry export price amounted to $X per kg, falling by -18.8% against the previous year. Over the period under review, the export price recorded a deep reduction. The pace of growth was the most pronounced in 2015 an increase of 62%. Over the period under review, the average export prices hit record highs at $X per kg in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was the United States ($X per kg), while the average price for exports to the UK ($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 Qatar (+67.6%), while the prices for the other major destinations experienced mixed trend patterns.

Jewelry Imports

Imports into Oman

In 2021, the amount of jewelry imported into Oman reduced dramatically to X tons, which is down by -28.5% on 2020. Overall, imports continue to indicate a deep slump. The most prominent rate of growth was recorded in 2015 with an increase of 98% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, jewelry imports surged to $X in 2021. Over the period under review, imports saw a noticeable setback. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest jewelry supplier to Oman, accounting for a 61% share of total imports. Moreover, jewelry imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, China (X kg), eightfold. The third position in this ranking was taken by Germany (X kg), with a 7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United Arab Emirates amounted to +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+33.6% per year) and Germany (+20.6% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of jewelry to Oman, comprising 92% of total imports. The second position in the ranking was held by Bahrain ($X), with a 1.7% share of total imports. It was followed by Singapore, with a 0.6% share.

From 2012 to 2021, the average annual growth rate of value from the United Arab Emirates totaled +1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Bahrain (-20.1% per year) and Singapore (+288.6% per year).

Import Prices by Country

In 2021, the average jewelry import price amounted to $X per kg, surging by 178% against the previous year. Over the period under review, the import price saw a resilient expansion. Over the period under review, average import prices hit record highs at $X per kg in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Bahrain ($X per kg), while the price for Germany ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+35.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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