United Arab Emirates: Synthetic Gemstones Market 2024

Synthetic Gemstones Market Size in the United Arab Emirates

The synthetic gemstones market in the United Arab Emirates skyrocketed to $X in 2021, jumping by 84% against the previous year. Overall, consumption continues to indicate significant growth. Over the period under review, the market attained the maximum level in 2021 and is expected to retain growth in the near future.

Synthetic Gemstones Production in the United Arab Emirates

In value terms, synthetic gemstones production reduced to $X in 2021 estimated in export price. Over the period under review, the total production indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +78.2% against 2013 indices. The most prominent rate of growth was recorded in 2014 with an increase of 35%. Synthetic gemstones production peaked at $X in 2020, and then declined in the following year.

Synthetic Gemstones Exports

Exports from the United Arab Emirates

For the fourth consecutive year, the United Arab Emirates recorded growth in overseas shipments of synthetic or reconstructed precious or semi-precious stones, which increased by 100% to X tons in 2021. In general, exports recorded a buoyant expansion. The pace of growth appeared the most rapid in 2016 when exports increased by 372%. The exports peaked in 2021 and are likely to continue growth in the near future.

In value terms, synthetic gemstones exports surged to $X in 2021. Overall, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2016 with an increase of 404%. The exports peaked in 2021 and are likely to see steady growth in the near future.

Exports by Country

India (X tons) was the main destination for synthetic gemstones exports from the United Arab Emirates, with a 110% share of total exports. Moreover, synthetic gemstones exports to India exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to India stood at +65.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+8.7% per year) and China (+164.2% per year).

In value terms, India ($X) remains the key foreign market for synthetic or reconstructed precious or semi-precious stones exports from the United Arab Emirates, comprising 46% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 7.7% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to India amounted to +58.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+16.7% per year) and China (+252.2% per year).

Export Prices by Country

In 2021, the average synthetic gemstones export price amounted to $X per ton, picking up by 14% against the previous year. Over the period under review, the export price enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2014 when the average export price increased by 111% against the previous year. The export price peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+34.9%), while the prices for the other major destinations experienced mixed trend patterns.

Synthetic Gemstones Imports

Imports into the United Arab Emirates

In 2021, approx. X tons of synthetic or reconstructed precious or semi-precious stones were imported into the United Arab Emirates; increasing by 86% against the year before. In general, imports continue to indicate significant growth. The most prominent rate of growth was recorded in 2020 when imports increased by 586% against the previous year. Imports peaked in 2021 and are likely to see steady growth in the immediate term.

In value terms, synthetic gemstones imports surged to $X in 2021. Overall, imports saw a significant increase. The pace of growth was the most pronounced in 2016 with an increase of 304%. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

India (X tons), the United States (X tons) and Thailand (X tons) were the main suppliers of synthetic gemstones imports to the United Arab Emirates, together accounting for 47% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +108.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), India ($X) and Thailand ($X) were the largest synthetic gemstones suppliers to the United Arab Emirates, together accounting for 70% of total imports.

Among the main suppliers, the United States, with a CAGR of +115.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average synthetic gemstones import price stood at $X per ton in 2021, almost unchanged from the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 158% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+24.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :