Republic of Korea: Market for Cultured Pearls, Precious Or Semi-Precious Stones 2024

Market Size for Cultured Pearls, Precious Or Semi-Precious Stones in Republic of Korea

The South Korean precious stone and pearl market amounted to $X in 2022, rising by 12% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, continues to indicate a slight shrinkage. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Exports of Cultured Pearls, Precious Or Semi-Precious Stones

Exports from Republic of Korea

In 2022, precious stone and pearl exports from South Korea rose markedly to X tons, with an increase of 7.7% on 2021. Overall, exports, however, showed a slight descent. The most prominent rate of growth was recorded in 2017 with an increase of 62% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, precious stone and pearl exports surged to $X in 2022. Over the period under review, exports, however, continue to indicate a deep slump. The most prominent rate of growth was recorded in 2020 when exports increased by 89%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for precious stone and pearl exports from South Korea, accounting for a 49% share of total exports. Moreover, precious stone and pearl exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), threefold. The third position in this ranking was taken by Hong Kong SAR (X tons), with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-11.7% per year) and Hong Kong SAR (+16.2% per year).

In value terms, the largest markets for precious stone and pearl exported from South Korea were China ($X), Hong Kong SAR ($X) and Taiwan (Chinese) ($X), with a combined 85% share of total exports. The United States, Japan, India and France lagged somewhat behind, together accounting for a further 11%.

India, with a CAGR of +35.0%, recorded 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 more modest paces of growth.

Export Prices by Country

In 2022, the average precious stone and pearl export price amounted to $X per ton, rising by 7.2% against the previous year. Overall, the export price, however, saw a pronounced reduction. The growth pace was the most rapid in 2014 an increase of 76%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+13.1%), 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 Republic of Korea

In 2022, imports of cultured pearls, precious or semi-precious stones into South Korea surged to X tons, picking up by 18% compared with the previous year's figure. In general, imports, however, recorded a perceptible slump. The most prominent rate of growth was recorded in 2020 with an increase of 109% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, precious stone and pearl imports rose markedly to $X in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 31%. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

China (X tons), India (X tons) and Hong Kong SAR (X tons) were the main suppliers of precious stone and pearl imports to South Korea, together comprising 82% of total imports. Thailand, Russia, the United States and Japan lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +15.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Hong Kong SAR ($X) appeared to be the largest precious stone and pearl suppliers to South Korea, with a combined 89% share of total imports.

In terms of the main suppliers, China, with a CAGR of +20.4%, recorded the highest growth rate of 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 precious stone and pearl import price stood at $X per ton in 2022, shrinking by -10.4% against the previous year. Overall, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, precious stone and pearl import price decreased by -35.1% against 2019 indices. The growth pace was the most rapid in 2019 when the average import price increased by 94%. As a result, import price reached the peak level of $X per ton. From 2020 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+34.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :