Peru: Jewelry Market 2024

Jewelry Market Size in Peru

In 2021, the Peruvian jewelry market decreased by -10.1% to $X, falling for the second year in a row after four years of growth. Overall, consumption, however, continues to indicate a resilient expansion. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Jewelry Production in Peru

In value terms, jewelry production rose slightly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a strong increase. The pace of growth was the most pronounced in 2017 with an increase of 31% against the previous year. Jewelry production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Jewelry Exports

Exports from Peru

Jewelry exports from Peru soared to X tons in 2021, jumping by 93% on the previous year. In general, exports, however, showed a slight reduction. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, jewelry exports skyrocketed to $X in 2021. Overall, exports showed buoyant growth. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for jewelry exports from Peru, accounting for a 70% share of total exports. Moreover, jewelry exports to the United States exceeded the volume sent to the second major destination, Chile (X tons), fivefold. Colombia (X tons) ranked third in terms of total exports with a 3.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +2.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+10.2% per year) and Colombia (-18.0% per year).

In value terms, the United States ($X) remains the key foreign market for jewelry exports from Peru, comprising 95% of total exports. The second position in the ranking was taken by Chile ($X), with a 2.5% share of total exports. It was followed by Colombia, with a 0.4% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +11.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+13.5% per year) and Colombia (-3.9% per year).

Export Prices by Country

In 2021, the average jewelry export price amounted to $X per kg, reducing by -16.9% against the previous year. Over the period under review, the export price, however, enjoyed a resilient expansion. The pace of growth was the most pronounced in 2016 an increase of 53%. The export price peaked at $X per kg in 2018; however, from 2019 to 2021, the 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 the United States ($X per kg), while the average price for exports to Bolivia ($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 Colombia (+17.2%), while the prices for the other major destinations experienced more modest paces of growth.

Jewelry Imports

Imports into Peru

In 2021, supplies from abroad of jewelry decreased by -16.1% to X tons, falling for the third consecutive year after three years of growth. Over the period under review, imports continue to indicate a perceptible downturn. The most prominent rate of growth was recorded in 2014 with an increase of 81%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, jewelry imports expanded remarkably to $X in 2021. Overall, total imports indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -31.6% against 2018 indices. The pace of growth appeared the most rapid in 2018 with an increase of 36%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Italy (X tons), China (X kg) and the United States (X kg) were the main suppliers of jewelry imports to Peru, together comprising 75% of total imports. These countries were followed by Spain, Thailand, Panama, Colombia and Brazil, which together accounted for a further 17%.

From 2012 to 2021, the biggest increases were in Colombia (with a CAGR of +29.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), the United States ($X) and Panama ($X) appeared to be the largest jewelry suppliers to Peru, with a combined 87% share of total imports. Spain, Brazil, Thailand, China and Colombia lagged somewhat behind, together accounting for a further 8.1%.

In terms of the main suppliers, Colombia, with a CAGR of +22.9%, 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 more modest paces of growth.

Import Prices by Country

The average jewelry import price stood at $X per kg in 2021, surging by 36% against the previous year. Overall, import price indicated a temperate increase from 2012 to 2021: its price increased at an average annual rate of +3.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the average import price increased by 114%. The import price peaked in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+14.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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