Republic of Korea: Synthetic Gemstones Market 2024

Synthetic Gemstones Market Size in Republic of Korea

The South Korean synthetic gemstones market reduced markedly to $X in 2021, which is down by -21.5% 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). Overall, consumption, however, enjoyed a buoyant increase. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Synthetic Gemstones Exports

Exports from Republic of Korea

For the third year in a row, South Korea recorded decline in shipments abroad of synthetic or reconstructed precious or semi-precious stones, which decreased by -16.1% to X tons in 2021. In general, exports recorded a sharp reduction. The most prominent rate of growth was recorded in 2014 when exports increased by 94% against the previous year. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, synthetic gemstones exports contracted to $X in 2021. Over the period under review, exports showed a deep contraction. The most prominent rate of growth was recorded in 2014 with an increase of 96% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Hong Kong SAR (X kg) was the main destination for synthetic gemstones exports from South Korea, with a 62% share of total exports. Moreover, synthetic gemstones exports to Hong Kong SAR exceeded the volume sent to the second major destination, India (X kg), threefold. Vietnam (X kg) ranked third in terms of total exports with a 2.3% share.

From 2012 to 2021, the average annual growth rate of volume to Hong Kong SAR amounted to +2.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-21.1% per year) and Vietnam (-33.1% per year).

In value terms, Hong Kong SAR ($X) remains the key foreign market for synthetic or reconstructed precious or semi-precious stones exports from South Korea, comprising 89% of total exports. The second position in the ranking was held by India ($X), with a 3.1% share of total exports. It was followed by the Netherlands, with a 0.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Hong Kong SAR stood at +48.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-14.1% per year) and the Netherlands (-32.4% per year).

Export Prices by Country

The average synthetic gemstones export price stood at $X per ton in 2021, picking up by 14% against the previous year. Over the period under review, export price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +10.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, synthetic gemstones export price increased by +98.0% against 2018 indices. The pace of growth appeared the most rapid in 2019 an increase of 52% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Vietnam ($X per ton) 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 (+44.1%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Gemstones Imports

Imports into Republic of Korea

In 2021, synthetic gemstones imports into South Korea contracted markedly to X tons, waning by -21.7% on 2020. In general, imports, however, enjoyed a prominent increase. The pace of growth was the most pronounced in 2013 with an increase of 213% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, synthetic gemstones imports plummeted to $X in 2021. Over the period under review, imports, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2013 when imports increased by 208%. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

Russia (X tons), Malaysia (X tons) and China (X tons) were the main suppliers of synthetic gemstones imports to South Korea, together comprising 84% of total imports.

From 2012 to 2021, the biggest increases were recorded for Malaysia (with a CAGR of +170.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), China ($X) and Russia ($X) appeared to be the largest synthetic gemstones suppliers to South Korea, together comprising 79% of total imports.

Among the main suppliers, Malaysia, with a CAGR of +143.4%, 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 synthetic gemstones import price amounted to $X per ton, approximately mirroring the previous year. Over the period under review, the import price, however, continues to indicate a noticeable contraction. The growth pace was the most rapid in 2014 when the average import price increased by 25%. Over the period under review, average import prices reached the maximum at $X per ton in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-3.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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