Singapore: Imitation Jewellery Market 2024

Imitation Jewellery Market Size in Singapore

The Singaporean imitation jewellery market soared to $X in 2021, rising by 52% 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). In general, consumption continues to indicate a strong increase. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Imitation Jewellery Exports

Exports from Singapore

In 2021, imitation jewellery exports from Singapore shrank dramatically to X tons, dropping by -68.7% on the year before. In general, exports, however, continue to indicate a pronounced expansion. The pace of growth appeared the most rapid in 2019 with an increase of 739%. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, imitation jewellery exports reduced markedly to $X in 2021. Over the period under review, exports, however, continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2019 with an increase of 717% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Japan (X tons), Australia (X tons) and China (X tons) were the main destinations of imitation jewellery exports from Singapore, with a combined 60% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +43.4%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Australia ($X) and China ($X) were the largest markets for imitation jewellery exported from Singapore worldwide, together accounting for 60% of total exports.

China, with a CAGR of +53.0%, 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

In 2021, the average imitation jewellery export price amounted to $X per ton, jumping by 48% against the previous year. Overall, the export price recorded a buoyant increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major external markets. In 2021, the countries with the highest prices were South Korea ($X per ton) and the United States ($X per ton), while the average price for exports to Vietnam ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+12.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imitation Jewellery Imports

Imports into Singapore

In 2021, supplies from abroad of imitation jewelry increased by 22% to X tons, rising for the fourth year in a row after three years of decline. Over the period under review, imports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2014 when imports increased by 182% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, imitation jewellery imports declined rapidly to $X in 2021. In general, imports saw prominent growth. The pace of growth was the most pronounced in 2014 with an increase of 112%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest imitation jewellery supplier to Singapore, with a 84% share of total imports. Moreover, imitation jewellery imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X tons), more than tenfold. Indonesia (X tons) ranked third in terms of total imports with a 2.9% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +35.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+1.4% per year) and Indonesia (+3.8% per year).

In value terms, China ($X) constituted the largest supplier of imitation jewellery to Singapore, comprising 45% of total imports. The second position in the ranking was held by Hong Kong SAR ($X), with an 11% share of total imports. It was followed by Thailand, with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +40.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+3.9% per year) and Thailand (-4.7% per year).

Import Prices by Country

In 2021, the average imitation jewellery import price amounted to $X per ton, dropping by -33.4% against the previous year. Overall, the import price recorded a abrupt downturn. The most prominent rate of growth was recorded in 2013 when the average import price increased by 27%. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Thailand ($X per ton), while the price for China ($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 (+3.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform