Republic of Korea: Jewelry Market 2024

Jewelry Market Size in Republic of Korea

In 2021, the South Korean jewelry market decreased by -0.2% to $X, falling for the second year in a row after two years of growth. Overall, consumption showed a pronounced reduction. Jewelry consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Jewelry Production in Republic of Korea

In value terms, jewelry production totaled $X in 2021 estimated in export price. Over the period under review, production recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2014 when the production volume increased by 26% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Jewelry Exports

Exports from Republic of Korea

In 2021, shipments abroad of jewelry increased by 26% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2016 when exports increased by 152%. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, jewelry exports soared to $X in 2021. In general, exports enjoyed measured growth. The most prominent rate of growth was recorded in 2016 with an increase of 95% against the previous year. The exports peaked in 2021 and are likely to see steady growth in years to come.

Exports by Country

The United States (X tons) was the main destination for jewelry exports from South Korea, with a 67% share of total exports. Moreover, jewelry exports to the United States exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), sixfold. China (X tons) ranked third in terms of total exports with a 6.3% share.

From 2012 to 2021, the average annual growth rate of volume to the United States amounted to +30.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (-10.1% per year) and China (+23.7% per year).

In value terms, the largest markets for jewelry exported from South Korea were Hong Kong SAR ($X), the United States ($X) and China ($X), with a combined 69% share of total exports. These countries were followed by Japan, the United Arab Emirates, the UK, Canada and Germany, which together accounted for a further 6.9%.

Canada, with a CAGR of +38.1%, saw the highest growth rate of the value of exports, in terms of 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

The average jewelry export price stood at $X per kg in 2021, jumping by 48% against the previous year. Overall, the export price, however, continues to indicate a perceptible shrinkage. The growth pace was the most rapid in 2018 when the average export price increased by 126% against the previous year. The export price peaked at $X per kg in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Hong Kong SAR ($X per kg), while the average price for exports to Germany ($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 Hong Kong SAR (+13.5%), while the prices for the other major destinations experienced mixed trend patterns.

Jewelry Imports

Imports into Republic of Korea

In 2021, supplies from abroad of jewelry was finally on the rise to reach X tons after two years of decline. In general, total imports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +6.0% 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 -15.2% against 2018 indices. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, jewelry imports surged to $X in 2021. Overall, imports posted a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), Italy (X tons) and France (X tons) were the main suppliers of jewelry imports to South Korea, together accounting for 69% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +19.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest jewelry suppliers to South Korea were Italy ($X), France ($X) and the United States ($X), together accounting for 69% of total imports.

In terms of the main suppliers, Italy, with a CAGR of +32.1%, 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

In 2021, the average jewelry import price amounted to $X per kg, growing by 17% against the previous year. Over the period under review, the import price continues to indicate a remarkable increase. The most prominent rate of growth was recorded in 2020 when the average import price increased by 52% against the previous year. The import price peaked in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+35.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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