Russian Federation: Market for Cultured Pearls, Precious Or Semi-Precious Stones 2024

Market Size for Cultured Pearls, Precious Or Semi-Precious Stones in the Russian Federation

In 2022, the Russian precious stone and pearl market increased by 1.1% to $X, rising for the third year in a row after two years of decline. In general, consumption recorded a noticeable increase. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Exports of Cultured Pearls, Precious Or Semi-Precious Stones

Exports from the Russian Federation

In 2022, shipments abroad of cultured pearls, precious or semi-precious stones decreased by -33.7% to X tons, falling for the third year in a row after three years of growth. In general, exports saw a deep slump. The pace of growth appeared the most rapid in 2018 when exports increased by 145%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, precious stone and pearl exports fell significantly to $X in 2022. Over the period under review, exports saw a significant decline. The most prominent rate of growth was recorded in 2018 when exports increased by 56%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Belarus (X tons), Uzbekistan (X tons) and the United States (X tons) were the main destinations of precious stone and pearl exports from Russia, together comprising 89% of total exports. Germany, China, Israel and Hong Kong SAR lagged somewhat behind, together comprising a further 7.3%.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +18.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Uzbekistan ($X) emerged as the key foreign market for cultured pearls, precious or semi-precious stones exports from Russia, comprising 75% of total exports. The second position in the ranking was taken by the United States ($X), with a 2.5% share of total exports. It was followed by Israel, with a 1.5% share.

From 2012 to 2022, the average annual growth rate of value to Uzbekistan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-34.6% per year) and Israel (-43.5% per year).

Export Prices by Country

In 2022, the average precious stone and pearl export price amounted to $X per ton, waning by -80.5% against the previous year. Overall, the export price showed a abrupt slump. The growth pace was the most rapid in 2020 when the average export price increased by 134%. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Belarus ($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 Botswana (+173.8%), 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 the Russian Federation

Precious stone and pearl imports into Russia soared to X tons in 2022, jumping by 17% against 2021 figures. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 505%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, precious stone and pearl imports shrank dramatically to $X in 2022. Overall, imports enjoyed resilient growth. The pace of growth appeared the most rapid in 2017 with an increase of 105%. Over the period under review, imports attained the maximum at $X in 2021, and then fell markedly in the following year.

Imports by Country

Democratic Republic of the Congo (X tons), Armenia (X tons) and China (X tons) were the main suppliers of precious stone and pearl imports to Russia, with a combined 88% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Democratic Republic of the Congo (with a CAGR of +76.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Armenia ($X) constituted the largest supplier of cultured pearls, precious or semi-precious stones to Russia, comprising 54% of total imports. The second position in the ranking was taken by India ($X), with a 24% share of total imports. It was followed by Thailand, with a 2.9% share.

From 2012 to 2022, the average annual growth rate of value from Armenia stood at +12.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+18.9% per year) and Thailand (-3.2% per year).

Import Prices by Country

In 2022, the average precious stone and pearl import price amounted to $X per ton, dropping by -31.6% against the previous year. Over the period under review, the import price, however, showed a prominent expansion. The growth pace was the most rapid in 2018 an increase of 163%. Over the period under review, average import prices reached the maximum at $X per ton in 2021, and then contracted markedly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+15.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :