Philippines: Jewelry Market 2024

Jewelry Market Size in the Philippines

In 2021, the Philippine jewelry market decreased by -3.3% to $X for the first time since 2017, thus ending a three-year rising trend. Over the period under review, the total consumption indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +92.2% against 2017 indices. Jewelry consumption peaked at $X in 2020, and then contracted slightly in the following year.

Jewelry Production in the Philippines

In value terms, jewelry production shrank slightly to $X in 2021 estimated in export price. In general, the total production indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +102.0% against 2017 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 57%. Jewelry production peaked at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Jewelry Exports

Exports from the Philippines

In 2021, exports of jewelry from the Philippines skyrocketed to X tons, rising by 72% on 2020. Overall, exports, however, recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of 84% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, jewelry exports soared to $X in 2021. Over the period under review, exports, however, recorded a abrupt curtailment. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Japan (X tons), the United States (X tons) and Italy (X tons) were the main destinations of jewelry exports from the Philippines, together comprising 93% of total exports. These countries were followed by Singapore, the UK, Hong Kong SAR and Belgium, which together accounted for a further 4.6%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Singapore (with a CAGR of +26.5%), while the other leaders experienced mixed trend patterns.

In value terms, Italy ($X), Japan ($X) and the United States ($X) were the largest markets for jewelry exported from the Philippines worldwide, with a combined 95% share of total exports. Singapore, the UK, Hong Kong SAR and Belgium lagged somewhat behind, together accounting for a further 2.2%.

Singapore, with a CAGR of +20.7%, recorded the highest rates of growth with regard to 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, which is down by -2.3% against the previous year. Over the period under review, export price indicated a tangible increase from 2012 to 2021: its price increased at an average annual rate of +3.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, jewelry export price increased by +77.7% against 2016 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 53% against the previous year. As a result, the export price reached the peak level of $X per kg, and then shrank in the following year.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Italy ($X per kg), while the average price for exports to Belgium ($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 Finland (+24.3%), while the prices for the other major destinations experienced more modest paces of growth.

Jewelry Imports

Imports into the Philippines

Jewelry imports into the Philippines amounted to X tons in 2021, increasing by 8% against 2020. Overall, imports posted a remarkable increase. The pace of growth was the most pronounced in 2016 when imports increased by 426% against the previous year. Imports peaked in 2021 and are likely to continue growth in the immediate term.

In value terms, jewelry imports soared to $X in 2021. Over the period under review, imports enjoyed a significant expansion. The pace of growth appeared the most rapid in 2015 when imports increased by 284% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

Taiwan (Chinese) (X tons), Italy (X tons) and Singapore (X kg) were the main suppliers of jewelry imports to the Philippines, together comprising 88% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Taiwan (Chinese) (with a CAGR of +134.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) constituted the largest supplier of jewelry to the Philippines, comprising 47% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 21% share of total imports. It was followed by Japan, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Italy stood at +112.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+191.3% per year) and Japan (+68.0% per year).

Import Prices by Country

In 2021, the average jewelry import price amounted to $X per kg, rising by 11% against the previous year. Overall, the import price recorded a significant expansion. The pace of growth was the most pronounced in 2015 an increase of 1,285% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is likely to continue growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+104.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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