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

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

The Philippine precious stone and pearl market dropped sharply to $X in 2022, with a decrease of -86.3% against the previous year. In general, consumption recorded a deep downturn. As a result, consumption reached the peak level of $X, and then reduced rapidly in the following year.

Production of Cultured Pearls, Precious Or Semi-Precious Stones in the Philippines

In value terms, precious stone and pearl production totaled $X in 2022 estimated in export price. Over the period under review, production saw a dramatic decrease. The pace of growth appeared the most rapid in 2015 when the production volume increased by 1,003,322,558%. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

Exports of Cultured Pearls, Precious Or Semi-Precious Stones

Exports from the Philippines

Precious stone and pearl exports from the Philippines dropped to X tons in 2022, shrinking by -6% on the previous year's figure. Over the period under review, exports faced a significant curtailment. The most prominent rate of growth was recorded in 2015 with an increase of 7,770%. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, precious stone and pearl exports soared to $X in 2022. Overall, exports, however, showed a relatively flat trend pattern. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

France (X tons) was the main destination for precious stone and pearl exports from the Philippines, accounting for a 68% share of total exports. Moreover, precious stone and pearl exports to France exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), threefold. India (X kg) ranked third in terms of total exports with a 2.8% share.

From 2012 to 2022, the average annual growth rate of volume to France stood at -5.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (-12.8% per year) and India (-40.6% per year).

In value terms, Hong Kong SAR ($X) emerged as the key foreign market for cultured pearls, precious or semi-precious stones exports from the Philippines, comprising 33% of total exports. The second position in the ranking was held by Japan ($X), with a 16% share of total exports. It was followed by India, with less than 0.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Hong Kong SAR stood at -5.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-5.2% per year) and India (-31.3% per year).

Export Prices by Country

In 2022, the average precious stone and pearl export price amounted to $X per kg, rising by 198% against the previous year. Over the period under review, the export price posted significant growth. The most prominent rate of growth was recorded in 2019 an increase of 806%. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per kg), while the average price for exports to France ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Czech Republic (+590.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Cultured Pearls, Precious Or Semi-Precious Stones

Imports into the Philippines

In 2022, precious stone and pearl imports into the Philippines plummeted to X tons, declining by -90.3% against the year before. In general, imports saw a abrupt setback. The pace of growth was the most pronounced in 2021 with an increase of 271%. As a result, imports reached the peak of X tons, and then contracted markedly in the following year.

In value terms, precious stone and pearl imports soared to $X in 2022. Overall, imports, however, saw a buoyant expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 179%. Imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, Brazil (X tons) constituted the largest precious stone and pearl supplier to the Philippines, accounting for a 44% share of total imports. Moreover, precious stone and pearl imports from Brazil exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X tons), sevenfold. Japan (X tons) ranked third in terms of total imports with a 6.3% share.

From 2012 to 2022, the average annual growth rate of volume from Brazil was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (-35.4% per year) and Japan (+15.1% per year).

In value terms, Hong Kong SAR ($X) constituted the largest supplier of cultured pearls, precious or semi-precious stones to the Philippines, comprising 68% of total imports. The second position in the ranking was held by China ($X), with a 21% share of total imports. It was followed by Germany, with a 4.2% share.

From 2012 to 2022, the average annual growth rate of value from Hong Kong SAR stood at +17.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+129.3% per year) and Germany (-2.4% per year).

Import Prices by Country

In 2022, the average precious stone and pearl import price amounted to $X per ton, jumping by 1,139% against the previous year. Overall, the import price recorded significant growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Hong Kong SAR ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+81.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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