Pakistan: Jewelry Market 2024

Jewelry Market Size in Pakistan

In 2021, the Pakistani jewelry market increased by 8.5% to $X for the first time since 2017, thus ending a three-year declining trend. Over the period under review, consumption, however, showed a abrupt slump. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Jewelry Production in Pakistan

In value terms, jewelry production expanded remarkably to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a abrupt decrease. The pace of growth was the most pronounced in 2014 when the production volume increased by 30%. Jewelry production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Jewelry Exports

Exports from Pakistan

In 2021, approx. X tons of jewelry were exported from Pakistan; surging by 6.7% against 2020. Overall, exports, however, recorded a dramatic decline. The pace of growth was the most pronounced in 2019 with an increase of 80%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, jewelry exports soared to $X in 2021. Over the period under review, exports, however, faced a sharp shrinkage. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Saudi Arabia (X tons), the United States (X tons) and the UK (X tons) were the main destinations of jewelry exports from Pakistan, together accounting for 84% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Saudi Arabia (with a CAGR of +47.9%), while the other leaders experienced mixed trend patterns.

In value terms, the largest markets for jewelry exported from Pakistan were the United States ($X), the United Arab Emirates ($X) and the UK ($X), together comprising 90% of total exports. Canada, Saudi Arabia and Ecuador lagged somewhat behind, together accounting for a further 4.6%.

Saudi Arabia, with a CAGR of +44.2%, saw 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 mixed trend patterns.

Export Prices by Country

In 2021, the average jewelry export price amounted to $X per kg, surging by 39% against the previous year. Overall, the export price, however, faced a dramatic contraction. The pace of growth was the most pronounced in 2016 an increase of 583%. The export price peaked at $X per kg in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Canada ($X per kg), while the average price for exports to Ecuador ($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 Ecuador (+4.0%), while the prices for the other major destinations experienced a decline.

Jewelry Imports

Imports into Pakistan

In 2021, purchases abroad of jewelry was finally on the rise to reach X kg for the first time since 2016, thus ending a four-year declining trend. In general, imports, however, recorded a deep slump. The most prominent rate of growth was recorded in 2016 when imports increased by 492% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, jewelry imports skyrocketed to $X in 2021. Over the period under review, imports, however, showed a dramatic curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 341% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Germany (X kg) constituted the largest jewelry supplier to Pakistan, with a 67% share of total imports. Moreover, jewelry imports from Germany exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X kg), fivefold. The third position in this ranking was held by Thailand (X kg), with a 5.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany stood at +63.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+6.7% per year) and Thailand (-12.5% per year).

In value terms, Germany ($X), Turkey ($X) and the United Arab Emirates ($X) appeared to be the largest jewelry suppliers to Pakistan, together comprising 78% of total imports.

In terms of the main suppliers, Turkey, with a CAGR of +120.9%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average jewelry import price stood at $X per kg in 2021, declining by -6.9% against the previous year. In general, the import price saw a precipitous decrease. The pace of growth was the most pronounced in 2014 an increase of 177% against the previous year. As a result, import price reached the peak level of $X per kg. From 2015 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+32.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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