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

Market Size for Cultured Pearls, Precious Or Semi-Precious Stones in Singapore

The Singaporean precious stone and pearl market skyrocketed to $X in 2022, surging by 32% against the previous year. Overall, consumption showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Production of Cultured Pearls, Precious Or Semi-Precious Stones in Singapore

In value terms, precious stone and pearl production reached $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 7.4% against the previous year. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Exports of Cultured Pearls, Precious Or Semi-Precious Stones

Exports from Singapore

In 2022, approx. X tons of cultured pearls, precious or semi-precious stones were exported from Singapore; waning by -40.6% against 2021. Over the period under review, exports saw a perceptible descent. The most prominent rate of growth was recorded in 2021 when exports increased by 433%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, precious stone and pearl exports soared to $X in 2022. In general, exports, however, recorded prominent growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Hong Kong SAR (X tons) was the main destination for precious stone and pearl exports from Singapore, accounting for a 59% share of total exports. Moreover, precious stone and pearl exports to Hong Kong SAR exceeded the volume sent to the second major destination, Thailand (X tons), sevenfold. The third position in this ranking was taken by the United States (X tons), with a 4.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Hong Kong SAR totaled -5.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+10.3% per year) and the United States (+31.5% per year).

In value terms, the largest markets for precious stone and pearl exported from Singapore were the United States ($X), Hong Kong SAR ($X) and Thailand ($X), together comprising 78% of total exports. France, Malaysia, Japan, Sri Lanka, Austria, the Philippines and Maldives lagged somewhat behind, together accounting for a further 2%.

In terms of the main countries of destination, Austria, with a CAGR of +66.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average precious stone and pearl export price stood at $X per ton in 2022, increasing by 443% against the previous year. In general, the export price saw a resilient expansion. 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 the United States ($X per ton), while the average price for exports to Maldives ($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 France (+14.4%), 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 Singapore

In 2022, precious stone and pearl imports into Singapore shrank sharply to X tons, falling by -45.9% against the previous year's figure. Over the period under review, imports saw a abrupt decline. The pace of growth appeared the most rapid in 2021 when imports increased by 1,114%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, precious stone and pearl imports soared to $X in 2022. Overall, imports, however, recorded a buoyant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Malaysia (X tons), Brazil (X tons) and Thailand (X tons) were the main suppliers of precious stone and pearl imports to Singapore, together comprising 62% of total imports.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +44.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constituted the largest supplier of cultured pearls, precious or semi-precious stones to Singapore, comprising 25% of total imports. The second position in the ranking was held by Belgium ($X), with a 6% share of total imports. It was followed by the United States, with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India amounted to +6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+8.8% per year) and the United States (+0.6% per year).

Import Prices by Country

The average precious stone and pearl import price stood at $X per ton in 2022, with an increase of 537% against the previous year. In general, the import price saw a resilient expansion. The most prominent rate of growth was recorded in 2020 when the average import price increased by 707%. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Zambia (+41.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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