Saudi Arabia: Market for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver 2024

Market Size for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in Saudi Arabia

In 2022, the Saudi market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver decreased by 99.9% to less than $X, falling for the second consecutive year after three years of decline. Over the period under review, consumption, however, faced a deep reduction. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Production of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in Saudi Arabia

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver dropped rapidly to less than $X in 2022 estimated in export price. Overall, production, however, faced a drastic downturn. The pace of growth was the most pronounced in 2020 with an increase of 902% against the previous year. Over the period under review, production of attained the maximum level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Exports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Exports from Saudi Arabia

In 2021, shipments abroad of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver increased by 119% to X kg, rising for the second consecutive year after two years of decline. Overall, exports, however, showed a pronounced decline. The most prominent rate of growth was recorded in 2017 with an increase of 150%. Over the period under review, the exports of hit record highs at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver contracted rapidly to $X in 2021. In general, exports, however, continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2017 when exports increased by 38%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X kg) was the main destination for exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from Saudi Arabia, accounting for a 3.9% share of total exports. Moreover, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to the United Arab Emirates exceeded the volume sent to the second major destination, Lebanon (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to the United Arab Emirates totaled -50.4%.

In value terms, the largest markets for non-silver precious metal goldsmiths ware articles exported from Saudi Arabia were the United Arab Emirates ($X) and Lebanon ($X).

Among the main countries of destination, Lebanon, with a CAGR of +142.5%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The average export price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver stood at $X per kg in 2021, reducing by -77.1% against the previous year. Overall, the export price continues to indicate a deep downturn. The most prominent rate of growth was recorded in 2014 when the average export price increased by 81% against the previous year. As a result, the export price reached the peak level of $X per kg. From 2015 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lebanon ($X per kg), while the average price for exports to the United Arab Emirates amounted to $X per kg.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Lebanon (+268.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Imports into Saudi Arabia

In 2019, the amount of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver imported into Saudi Arabia skyrocketed to X tons, growing by 282% against the year before. In general, imports posted a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver skyrocketed to $X in 2019. Over the period under review, imports posted prominent growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Switzerland (X tons) and the United Arab Emirates (X tons) were the main suppliers of imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to Saudi Arabia. Moreover, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver in Switzerland exceeded the figures recorded by the second-largest supplier, the United Arab Emirates, twofold.

From 2012 to 2017, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of 0.0%).

In value terms, Switzerland ($X) constituted the largest supplier of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to Saudi Arabia, comprising 56% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 13% share of total imports.

From 2012 to 2017, the average annual growth rate of value from Switzerland totaled +49.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+19.7% per year) and Singapore (+35.0% per year).

Import Prices by Country

In 2017, the average import price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to $X per kg, therefore, remained relatively stable against the previous year. In general, the import price recorded a abrupt slump. The growth pace was the most rapid in 2015 an increase of 136% against the previous year. The import price peaked at $X per kg in 2012; however, from 2013 to 2017, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per kg), while the price for the United Arab Emirates amounted to $X per kg.

From 2012 to 2017, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+19.7%).

Source: IndexBox Platform

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