Southern Asia: 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 Southern Asia

In 2022, after two years of growth, there was significant decline in the South Asian market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver, when its value decreased by -12% to $X. The total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2021, and then fell in the following year.

Production of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in Southern Asia

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver contracted remarkably to $X in 2022 estimated in export price. The total production indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when the production volume increased by 50% against the previous year. Over the period under review, production of reached the peak level at $X in 2021, and then fell markedly in the following year.

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

Exports in Southern Asia

For the third year in a row, Southern Asia recorded decline in shipments abroad of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver, which decreased by -54.2% to X kg in 2022. In general, exports saw a sharp curtailment. The growth pace was the most rapid in 2017 with an increase of 596% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver shrank significantly to $X in 2022. Overall, exports continue to indicate a sharp decrease. The growth pace was the most rapid in 2017 with an increase of 249%. Over the period under review, the exports of attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

India dominates silver structure, recording X kg, which was approx. 90% of total exports in 2022. It was distantly followed by Sri Lanka (X kg), committing a 5.4% share of total exports. The following exporters - Bangladesh (X kg) and Pakistan (X kg) - each recorded a 3.1% share of total exports.

Exports from India decreased at an average annual rate of -47.8% from 2012 to 2022. At the same time, Bangladesh (+17.0%) and Sri Lanka (+10.9%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing exporter exported in Southern Asia, with a CAGR of +17.0% from 2012-2022. By contrast, Pakistan (-2.0%) illustrated a downward trend over the same period. Sri Lanka (+5.4 p.p.), Bangladesh (+1.6 p.p.) and Pakistan (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while India saw its share reduced by -9.7% from 2012 to 2022, respectively.

In value terms, India ($X) remains the largest non-silver precious metal goldsmiths ware articles supplier in Southern Asia, comprising 95% of total exports. The second position in the ranking was taken by Sri Lanka ($X), with a 4.3% share of total exports. It was followed by Pakistan, with less than 0.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in India stood at -42.8%. In the other countries, the average annual rates were as follows: Sri Lanka (+39.4% per year) and Pakistan (-3.5% per year).

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per kg, falling by -72.1% against the previous year. In general, the export price, however, enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2018 an increase of 301% against the previous year. The level of export peaked at $X per kg in 2021, and then contracted notably in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was India ($X per kg), while Bangladesh ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (+25.7%), while the other leaders experienced mixed trends in the export price figures.

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

Imports in Southern Asia

In 2022, purchases abroad of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver increased by 144% to X kg for the first time since 2016, thus ending a five-year declining trend. Over the period under review, imports saw prominent growth. The pace of growth appeared the most rapid in 2016 when imports increased by 4,457% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports of remained at a somewhat lower figure.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver surged to $X in 2022. In general, imports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of 3,960% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports of remained at a lower figure.

Imports by Country

India prevails in silver structure, reaching X kg, which was near 81% of total imports in 2022. Pakistan (X kg) held a 9.6% share (based on physical terms) of total imports, which put it in second place, followed by Maldives (6%). Bhutan (X kg) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to non-silver precious metal goldsmiths ware articles imports into India stood at +21.8%. At the same time, Bhutan (+30.2%), Maldives (+7.8%) and Pakistan (+3.8%) displayed positive paces of growth. Moreover, Bhutan emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +30.2% from 2012-2022. India (+30 p.p.) and Bhutan (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while Maldives and Pakistan saw its share reduced by -6.8% and -20.5% from 2012 to 2022, respectively.

In value terms, India ($X) constitutes the largest market for imported articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver in Southern Asia, comprising 99% of total imports. The second position in the ranking was held by Pakistan ($X), with a 0.9% share of total imports. It was followed by Bhutan, with a 0.2% share.

In India, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver increased at an average annual rate of +19.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Pakistan (+5.3% per year) and Bhutan (+17.3% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per kg in 2022, rising by 302% against the previous year. Overall, the import price saw a perceptible increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was India ($X per kg), while Maldives ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+1.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :