Philippines: Synthetic Gemstones Market 2024

Synthetic Gemstones Market Size in the Philippines

The Philippine synthetic gemstones market skyrocketed to $X in 2021, jumping by 80% against the previous year. Overall, consumption saw prominent growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Synthetic Gemstones Production in the Philippines

In value terms, synthetic gemstones production shrank to $X in 2021 estimated in export price. In general, production, however, saw a remarkable increase. The growth pace was the most rapid in 2017 with an increase of 29%. Over the period under review, production hit record highs at $X in 2020, and then declined in the following year.

Synthetic Gemstones Exports

Exports from the Philippines

In 2021, approx. X tons of synthetic or reconstructed precious or semi-precious stones were exported from the Philippines; picking up by 7.3% on the year before. In general, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 6,400% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in years to come.

In value terms, synthetic gemstones exports soared to $X in 2021. Over the period under review, exports showed significant growth. The most prominent rate of growth was recorded in 2019 when exports increased by 38,221%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the near future.

Exports by Country

Japan (X tons) was the main destination for synthetic gemstones exports from the Philippines, accounting for a 62% share of total exports. Moreover, synthetic gemstones exports to Japan exceeded the volume sent to the second major destination, Thailand (X kg), threefold. The third position in this ranking was taken by China (X kg), with a 16% share.

From 2012 to 2021, the average annual growth rate of volume to Japan totaled +349.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+366.8% per year) and China (+548.3% per year).

In value terms, Japan ($X) remains the key foreign market for synthetic or reconstructed precious or semi-precious stones exports from the Philippines, comprising 77% of total exports. The second position in the ranking was taken by China ($X), with a 19% share of total exports. It was followed by Thailand, with a 3.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan amounted to +3,048.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+2,086.4% per year) and Thailand (+1,952.5% per year).

Export Prices by Country

The average synthetic gemstones export price stood at $X per kg in 2021, growing by 185% against the previous year. In general, the export price, however, showed a noticeable decrease. The pace of growth was the most pronounced in 2019 an increase of 477% against the previous year. Over the period under review, the average export prices reached the maximum at $X per kg in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per kg), while the average price for exports to South Korea ($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 China (+253.6%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Gemstones Imports

Imports into the Philippines

For the third year in a row, the Philippines recorded growth in overseas purchases of synthetic or reconstructed precious or semi-precious stones, which increased by 63% to X tons in 2021. Overall, imports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2019 with an increase of 952% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, synthetic gemstones imports soared to $X in 2021. In general, imports posted a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 1,156%. Over the period under review, imports attained the peak figure in 2021 and are likely to see steady growth in the near future.

Imports by Country

In 2021, Japan (X tons) constituted the largest supplier of synthetic gemstones to the Philippines, with a 82% share of total imports. Moreover, synthetic gemstones imports from Japan exceeded the figures recorded by the second-largest supplier, China (X tons), fivefold.

From 2013 to 2021, the average annual growth rate of volume from Japan amounted to +64.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+123.7% per year) and the United States (+26.4% per year).

In value terms, Japan ($X) constituted the largest supplier of synthetic or reconstructed precious or semi-precious stones to the Philippines, comprising 68% of total imports. The second position in the ranking was taken by China ($X), with a 31% share of total imports.

From 2013 to 2021, the average annual growth rate of value from Japan totaled +87.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+172.6% per year) and the United States (+38.9% per year).

Import Prices by Country

In 2021, the average synthetic gemstones import price amounted to $X per ton, standing approx. at the previous year. In general, the import price recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2018 an increase of 596% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2013 to 2021, the most notable rate of growth in terms of prices was attained by China (+21.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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