Sri Lanka: Jewelry Market 2024

Jewelry Market Size in Sri Lanka

The Sri Lankan jewelry market expanded sharply to $X in 2022, with an increase of 9.8% against the previous year. The market value increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level in 2022 and is likely to see steady growth in the near future.

Jewelry Production in Sri Lanka

In value terms, jewelry production shrank slightly to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the production volume increased by 28% against the previous year. Jewelry production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Jewelry Exports

Exports from Sri Lanka

In 2022, approx. X tons of jewelry were exported from Sri Lanka; shrinking by -47.8% on 2021 figures. Over the period under review, exports showed a deep downturn. The pace of growth was the most pronounced in 2021 with an increase of 143%. As a result, the exports reached the peak of X tons, and then shrank remarkably in the following year.

In value terms, jewelry exports dropped modestly to $X in 2022. In general, exports recorded a noticeable downturn. The growth pace was the most rapid in 2021 with an increase of 129%. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X kg), Germany (X kg) and Japan (X kg) were the main destinations of jewelry exports from Sri Lanka, with a combined 67% share of total exports. Thailand, the UK, the United Arab Emirates, Malaysia, Australia, the Netherlands, Switzerland, Hong Kong SAR and Singapore lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +15.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for jewelry exported from Sri Lanka were the United States ($X), Australia ($X) and Switzerland ($X), together comprising 53% of total exports. The UK, Germany, Japan, the United Arab Emirates, Singapore, Hong Kong SAR, Thailand, the Netherlands and Malaysia lagged somewhat behind, together accounting for a further 38%.

The Netherlands, with a CAGR of +21.9%, 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

The average jewelry export price stood at $X per kg in 2022, rising by 85% against the previous year. In general, export price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the average export prices hit record highs at $X per kg in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Australia ($X per kg), while the average price for exports to Malaysia ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+21.0%), while the prices for the other major destinations experienced more modest paces of growth.

Jewelry Imports

Imports into Sri Lanka

In 2022, jewelry imports into Sri Lanka surged to X tons, rising by 486% on 2021 figures. In general, imports continue to indicate significant growth. The pace of growth appeared the most rapid in 2013 with an increase of 510% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, jewelry imports dropped sharply to $X in 2022. Overall, imports, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2015 when imports increased by 88% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Japan (X tons) was the main supplier of jewelry to Sri Lanka, with a 99% share of total imports. It was followed by Thailand (X kg), with a 0.1% share of total imports. The third position in this ranking was taken by China (X kg), with a 0.1% share.

From 2012 to 2022, the average annual growth rate of volume from Japan stood at +98.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-25.9% per year) and China (-16.8% per year).

In value terms, Japan ($X) constituted the largest supplier of jewelry to Sri Lanka, comprising 45% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 5.7% share of total imports. It was followed by Thailand, with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan amounted to +43.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-26.0% per year) and Thailand (-30.0% per year).

Import Prices by Country

In 2022, the average jewelry import price amounted to $X per kg, with a decrease of -87.5% against the previous year. In general, the import price faced a dramatic decrease. The most prominent rate of growth was recorded in 2014 when the average import price increased by 284% against the previous year. Over the period under review, average import prices reached the peak figure at $X per kg in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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